The Worst Big Data Privacy Challenges and Risks |
Posted: January 20, 2018 |
Big Data is engulfing industries at a rapid pace. On some fronts, jobs are becoming obsolete, and on some, new ones that demand better skills are being born. Amidst all the disruption in businesses and IT space, there are challenges that have sprung up as a consequence of Big Data and its applications. 1. The Challenge of Data ManagementIn the world of Big Data when more the data, the better to derive insights from it, the large volume of data becomes a problem when it comes to managing it. According to Steve Colwill, CEO of Velocimetrics, the two biggest challenges that companies have been facing with Big Data are how they manage the volume of Big Data and how well they can draw meaningful insights from it. 2. Compliance ChallengeA number of regulatory challenges currently impact the effective and complete use of Big Data. Around the world, banks, and key market participants are kept under regulatory norms guiding them for effective use of technology and promoting them to correct any damage caused by the use of technology. 3. Incorrect ResultsData is misinterpreted more often than one expects. Even with the best intentions in mind, variables might get left out, or problems may be overcomplicated, or oversimplified, leading to incorrect results which when used forward to base decisions upon, can run havoc for an organization. One instance that leads to the same is when confirmation bias takes place- when people believe that the data is confirming their preconceived notions when it is not. 4. AnonymityRebecca Herold, CEO of The Privacy Professor, who studies the various aspects in which Big Data and Analytics are invading the privacy of a user, believes that maintaining anonymity while doing anything on the Internet is one impossible task today. She says that de-identified data is also not completely devoid of a privacy breach. Besides being vulnerable to breaches, which is another face of it, IoT and its devices, from where Big Data arrives, are prone to security risks as it contains users' most personal information. 5. Data BrokerageFor a few bucks, thousands of user's private information is sold on the Dark Web. And, we all know it! A recent case of companies beginning to sell a woman kids' utilities while she hadn't broken the news to her family, was a real eye-opener. The same, in future, can be true of a person's illnesses, or sexual orientation, or any other piece of really personal information.
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