Does Big Data Need a Public Marketplace? – Wall St. Cheat Sheet

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Does Big Data Need a Public Marketplace?

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Does Big Data Need a Public Marketplace?

Nathanael Arnold

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April 25, 2014

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Is greater transparency the solution to privacy concerns about the vast amounts of consumer data that companies and other entities are collecting? A recent blog post from business consulting firm Maus Strategic Consulting explored the idea of a privately-held, but publicly regulated clearing house for what is popularly referred to as “Big Data.” As noted by PC Magazine, Big Data is an ambiguous term that has connotations ranging from the innocuous to the sinister. Some may immediately think of Google’s (NASDAQ:GOOG) (NASDAQ:GOOGL) collection of information about user’s browsing habits in order to sell targeted advertising. For others, Big Data may evoke thoughts of intrusive government spying programs that were exposed by former NSA contractor Edward Snowden.

However, for the purposes of Maus Strategic Consulting’s concept of a Big Data market, the firm defined Big Data as the large amounts of useful data that are collected for analysis, especially the data collected on individuals. This would include the big data collections of credit bureaus like Experian, as well as retailers like Target (NYSE:TGT).

As noted by Maus Strategic Consulting, both of those companies were recently involved in serious data breaches. Earlier this year, Target revealed that it compromised as many as 40 million customer’s credit and debit cards as well as the personal data of another 70 million shoppers. Similarly, Experian accidentally sold private customer data to an identity theft service last year, reports KrebsonSecurity. Ironically, as a credit bureau, Experian is supposed to be an expert at preventing data breaches. Since these breaches occurred despite the data being secured within the secretive confines of these companies, Maus Strategic Consulting has proposed bringing the selling, exchanging, and collection of Big Data out into the open.

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More Articles About:Big Brother Big Data Big Data market Big Data marketplace data breach data collection edward snowden Experian Google google inc identity theft Maus Strategic Consulting NSA privacy concerns Target

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2014-04-25 17:34:01

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Does Big Data Need a Public Marketplace? – Wall St. Cheat Sheet

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Nathanael Arnold