Insuranceciooutlook

Big data: Responsibilities and Challenges in Decision-Making

By Insurance CIO Outlook | Tuesday, November 13, 2018

Big data in everyday devices or objects can send and receive data, promising revolutionary changes in data management and society. Of course, big data success depends on the assumption that the data generated by the internet around the world belongs to the organizations collecting it. According to Alex Sandy Pentland, Toshiba professor suggests that no companies can own the data. If any companies do so, then the consumers' revolt, regulators swoop down, and IoT fails to reach its potential. To overcome such issues, Pentland has proposed certain principles and practices to define the ownership of data and control over its flow.

Organizations gather a huge amount of data from different sources to gain unique insights into human behavior and decision-making. In some instances, it’s surprising that the decision-making capabilities of AI algorithms and automated processes are completely unexpected where humans fail. The question is, how to identify ethical issues and the exact ways to deal with big data?  

Organizations need to help their users to understand which of their data is out and how it is used. It is even important to enable the users to take complete control over the data and how it is to be used. Though these both aspects have technological solutions, user awareness and appropriate legal policies are mandatory. Organizations should take few more additional steps to evaluate potential harms to vulnerable individuals whose data is being used and consider ways to mitigate the harms and dangers they are exposed to. It’s not an exaggeration to state that the data center strategy might be critical to big data’s failure or success.

Organizations now do not have enough guidance to handle big data ethically. It is crucial that every organization should maintain healthy respect towards its big responsibility. To avoid falling victim to breaches, organizations must ensure that they have enough and right security tools (data security) in place at any cost. The business communities should pay more attention in securing, storing, and transparently using the data. Data centers are the repositories which take firm control over, avoid the breaches, and make the innovations done right.

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