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Big Data Analytics: Weighing Privacy and Ethical Concerns
It’s not only users that are worried about their privacy and how their electronic data is being used by businesses. A survey of statisticians found that 91 percent said that consumers had good reason to be worried. Further, 85 percent said that it’s important to include ethics as a consideration whenever consumer data is collected. The survey was taken at the 2014 Joint Statistical Meeting (JSM). The survey highlighted the need for better oversight and guidelines for how data should be handled.
Bill Schmarzo, chief technology officer for EMC Global Services, said that “I think the biggest concerns are related to organizations using my personal identifiable data, usage and storage against me. But the bigger concerns are related to unsanctioned organizations using my data and inferences about my interests, passions, affiliations and associations for borderline uses about my political, religious, sexual, etc. preferences.”
YY Lee, COO of data analytics provider FirstRain, said that “fundamentally good ethics is good business, whether it’s how companies treat employees, how businesses follow regulations, the integrity of customer relationships or ensuring organizations have the proper regard for the communities they operate in. Ethical behavior builds trust that is an important and powerful enabler, and pays off in reducing barriers and increasing efficiency in doing business.”
Nik Rouda, senior analyst at the Enterprise Strategy Group, said that Big Data approaches can lead to some amazing benefits for individuals and society, but only if the information is adequately protected and used in an appropriate manner… I’m generally not a fan of government regulations for the undue burdens and unintended consequences they can bring, yet someone needs to clearly define a fair approach and enforce it. In an ideal world this would be a natural consideration, but capitalism dictates any advantage can and will be exploited unless specifically prohibited.”
