ABSTRACT

The most important challenge that societies face is what kind of transformations their economic engines will undergo because of Big Data. The important difference between Big Data and several other industries is that the dominance of a particular company might throttle competition forever. As Big Data become more important, the policy issues linked to privacy and data security also become more important. Hackers’ attacks on IT systems are becoming more lethal and new viruses and security breaches are more powerful. This requires a coordinated response and companies have to face these issues. A lack of data security can lead to great financial losses and reputational damage for a company. When “data is the new oil” and when it has become an important competitive advantage for organizations, it is imperative that data should be looked at as an asset.