Topic > Big Data Case Study - 1254

Despite the potential positive impact of Big Data on consumers' lives, there is a real risk of lack of transparency and loss of consumer control. There are myriad ways in which data about people is collected. And virtually all data broker activities, including placing consumers into potentially sensitive categories, occur without consumers' knowledge or control. Additionally, consumers' ability to access and correct the information data brokers hold about them is limited, where it exists. As a result, there is a risk that if a consumer is denied the ability to complete a transaction due to inaccuracies in a data broker's profile, the consumer will be harmed without knowing why and without being able to address the issue. There is a risk of unexpected and unwanted use of your data. For example, data generated by connected medical devices could be used to make credit, insurance, and employment decisions without consumers' knowledge or consent and without ensuring the accuracy of the data. Big data could also be used in ways that could exacerbate existing socioeconomic disparities by segmenting consumers based on the customer services they receive, the prices they are charged, and the types of products marketed to them. Big Data raises data security concerns. For example, by compromising IoT devices, hackers could access the same types of sensitive financial account information, passwords, and other information used to commit identity theft or fraud. In some cases, hackers could also exploit security vulnerabilities in devices such as smart cars or connected medical devices to create physical security risks. These potential risks are exacerbated by the fact that some companies entering the IoT market may not be as focused on security issues as those making computers.