By 2021, it is estimated that big data could reach $66.8 billion in net worth. But as the volumes of data that becomes accessible increases, so do concerns with privacy as the data out there might not be exactly what people want to have released.
In fact, more customers have become vocal about their concerns with the data that is being collected by them. With potential security challenges and high profile breaches taking place all the time, people are demanding better protection. With data breaches giving sensitive personal information to thieves that results in millions of people becoming victims to cybercrimes, it’s getting tougher for people to trust the online businesses they are working with.
Perhaps this is why more people are demanding more action being done. With the monetization of big data, there becomes valuable databases that are targeted for attack. Many of which use a single level of protection now to protect the data they contain. This is why automated data transfers with beefed up security might be a better result. This will require new data to be validated, to reduce the risk of anything that isn’t trustworthy or accurate creating problems. Since the data would be monitored and tracked on a regular basis, the likelihood of a breach decreases. After all, the more data contained in a single resource, the more that can be obtained by cyber criminals, and thus there becomes more mistrust with the public, as they see new concerns being brought out against them.
Companies must now accept greater responsibility for the personal information they maintain. While risk can vary, companies must accept that their responsibility is there. If a breach does happen, the public is more likely to be unforgiving, especially if there isn’t transparency with what happened and how the company will ensure that this never happens again. This includes those who attempt to pass the blame by using third party providers to help them store their data in clouds and other areas. As the responsibility for the data isn’t moved when you move the information, despite some misconceptions out there.
Customers are also increasing in curiosity with how their data is being used. When you monetize big data, you are also releasing information to companies that some may be concerned as private. Fortunately, the government is actively reviewing this information and ensuring that better privacy focused measures are taken, so that companies can still benefit from the monetization of big data, without there being as much risk to the individuals that they are collecting the data on.
While unauthorized use and service failures can still occur with the big data, it does seem like more companies are committed to protecting the data that they are handling. This means that even when monetization expands, customers will be provided with their privacy rights through digital databases, while having new avenues of encrypted protection released so there is never any concern with their information getting in the wrong hands.
About Bill McCabe/ Internet of Things Recruiting - Executive Search/ Retained Search for the Internet of Things/ Machine 2 Machine/ Big Data Markets
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