Data Security Concerns

Security Concerns for Data Analytics.

There is a sense of paranoia that exists among individuals regarding any thing that has the semblance of someone having access to any personal information.  With the rise of data based marketing, there is no doubt in mind about the concerns of data security and privacy, especially the fact that information is gathered from multiple electronic devices including those that are Wi-Fi accessible.  Information collected tells a lot about how particular consumers shop or search for potential purchasing opportunities and also different activities that does not necessarily deals with purchasing. Data can tell particular patterns of an individual and this will generally lead to concerns about the safe handling of the information; especially in the age of sophisticated hackers who can use information to create havoc in people’s lives.

Image result for data security


ETHICAL RESPONSIBILITIES

Image result for ethics

Companies engaging in Data Analytics should make every effort to protect the information of consumers. In the Financial Industry there are ethical standards that govern accounting practices. There should be similar standards for companies that gather certain information about people. The misuse of any information can be damaging therefore there should be guidelines on how data collection is handled. Trying to get a competitive advantage in business may cause companies to overlook how they conduct certain practices, for this reason there should be ethical commitments these organizations. 

Comments

Post a Comment

Popular posts from this blog

Predictive Analytics in the Financial Marketplace

Retail banking in recent times  focuses on enhancing the experience of their customers and fulfilling their aspirations. Financial institutions have multiple tools abundant to accomplish their goals of meeting their customers’ expectations through data generation and analysis. The industry is at a point where they need to utilize data to satisfy the needs of their customers and gain trust from potential consumers.  Predictive analytics shows the available sources of data, it examines the state of marketing analytics, techniques being applied and also the effect digital interactions with customers will have for growth and change for the future. With the large amount of data financial institutions have the ability to collect and store, it is important to decide which data is important to make strategic decisions that will lead to growth and profitability for the future. The digital world is an important asset for financial institutions that can be used to engage with consumers inter
Read more

Big Data Storage

Image
Data storage is essential and covers different areas. These areas include management, scalability, economics, performance and protection. To gain an advantage the areas listed will need to be monitored at the highest level. In the area of management it is important to have a system that supports all data types also optimizing data performance and cost through capacity planning, storage utilization and data placement. Managing data properly also includes the process of moving data between systems without disrupting users or applications. The area of scalability ensures that the system functions efficiently when there is a change in size or the volume of data that is present. The system should be fully equipped to handle any sudden change which technically is possible because there are no set amounts of data that may become available. Economics is important especially in the area of business because lower cost operation leads to savings and potential higher profits. For
Read more

Status and future of Big Data in an industry

Big data is the collection of large amount of data through different sources including technological devices like phone, lap-tops tablets and gaming systems just to name a few. The data collected at a fast pace and is normally analyzed with the main goal of gaining insight of for the running of an organization; with the intention of satisfying the needs of all stakeholders involved. “According to EY Building a better Working World” there are Big Data is characterized by 4 V’s “ • Volume: the amount of data being created is vast compared to traditional data sources • Variety: data comes from different sources and is being created by machines as well as people • Velocity: data is being generated extremely fast — a process that never stops, even while we sleep • Veracity: big data is sourced from many different places, as a result you need to test the veracity/quality of the data.” http://www.ey.com/Publication/vwLUAssets/EY_-_Big_data:_changing_the_way_businesses_operate/%24FILE/EY-In
Read more