Big data analytics raises a number of ethical issues, especially as companies begin monetizing their data externally for purposes different from those for which the data was initially collected. The scale and ease with which analytics can be conducted today completely changes the ethical framework. We can now do things that were impossible a few years ago, and existing ethical and legal frameworks cannot prescribe what we should do. While there is still no black or white, experts agree on a few principles:
- Private customer data and identity should remain private: Privacy does not mean secrecy, as private data might need to be audited based on legal requirements, but that private data obtained from a person with their consent should not be exposed for use by other businesses or individuals with any traces to their identity.
- Shared private information should be treated confidentially: Third party companies share sensitive data –…
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