New data sources, such as social media, web clicks, electronic medical records, sensors, and call detail records, are generating customer data at an unprecedented rate. All this new data can be put— and is currently— put to good use to make our lives better. For example, one service provider mines social media and other online sources to locate “unbanked” individuals who might otherwise be excluded from financial systems, but the same information can be used to create detailed profiles of individuals that may impact their privacy. The legal framework for acceptable use of customer information is often evolving in the big data context, which potentially exposes companies to substantial legal and reputational risk.
- Prioritize Big Data Types
- Conduct Privacy Impact Assessments
- Identify Critical Data Elements
- Define Data Standards for Critical Data Elements and Big Data Types
- Establish Data Sharing Agreements
Sunil Soares is the Founder and Managing Partner of Information Asset, a consulting firm focused on Data Governance, Big Data Governance, and Enterprise Data Management. He is the author of several books, including Selling Information Governance to the Business, Big Data Governance, and Data Governance Tools.