Why to generate more data, it brings only risk

Big data is changing the way businesses compete and operate. As the technology is getting into much deeper side, it’s possible to analyze your data and get answers from it almost immediately – an effort that’s slower and less efficient with more traditional business intelligence solutions.

Business has always wanted to derive insights from information in order to make better, smarter, real time, factbased decisions: it is this demand for depth of knowledge that has fueled the growth of big data tools and platforms.

Those leading the change are now including big data from both within and outside the enterprise, including structured and unstructured data, machine data, and online and mobile data to supplement their organizational data and provide the basis for historical and forward-looking (statistical and predictive) views.

More digitization brings more risk. Now many company is trying on how to control for minimizing the data usage. Seems it is not possible. The answer could be only possible if there is boarder to the country like, taking permission to cross the flying zone of different country, the challenge will not for the global tech company to scale their business.

As companies digitize most of the sensitive information and processes, the attack has been increasingly common across all industries. It is interesting to note that not all attacks come from the outside. IBM’s 2016 Cyber Security Intelligence Index discovered that 60% of cybersecurity threats come from people inside the company. Only a quarter are accidental, while the rest include malicious intent. In either case, hackers can gain access to the personal data of your clients and customers. Personal data is particularly vulnerable in retail companies, the public sector, financial services, and healthcare. One of the best-known examples is an attack on Anthem Health Insurance that compromised 80 million social security records. This kind of attack affects your reputation and your customers’ trust.

Cyberattacks also threaten your company’s data, leaving confidential business documents such as insider information exposed. Finance remains one of the most vulnerable areas. In this slideshow, Thack Brown, general manager and global head of SAP’s Line of Business Finance, has identified five ways organizations - and in particular, CFOs - can stay ahead when it comes to cybersecurity.

Now-a-days every organisation,website and portalsa re using analytics and cookie,they are collecting all the data and users behaviour by default,just for teh compliance issue they ask the permission.This brings significiant threat for the cyberattacks are concerned, companies face other risks as well in our digitized, global world. Nonetheless, it’s possible for companies to prevent and manage these modern risks.

Other types of risk

Online payment fraud is a major source of concern for retailers with e-commerce sites. Paula Rosenblum, in her article on Forbes, explains that as companies create more security in stores with EMV (Europay – Mastercard – Visa) standards, the expectation is that online fraud will rise. This creates demand for continuous real-time fraud monitoring software of all transactions. In a recent Forrester study, 41% of organizations report being extremely concerned about fraud.

Multinational corporations are impacted by exchange rate changes. In the current economic environment, volatility is new norm. A company can be affected by changes in currency in its own country as well as countries where it does business. With an increasingly global world, even smaller companies can be affected by these currency risks. Companies need full visibility into their positions and the ability to simulate the impact of the exposure in order to take steps in a timely manner to mitigate those risks.

Companies also face reputational risk. For example, Apple faced reputation problems when consumers learned it was supporting practices that were not socially responsible by hiring manufacturers in China with poor working conditions. Business Insider points out that Apple had many reasons for doing so, including the cheaper price per piece and the established manufacturing industry in China. But that sound business decision affected its reputation with customers. These additional risk factors must also be taken into account when assessing the potential impact of decisions. Reputational risk is of extreme concern to 37% of organizations, according to Forrester.

It is still important for companies to follow changing compliance standards to minimize regulatory risk. For example, IFRS 15 is a new standard that will be effective in early 2017. Companies need to be ahead of the implementation, Laurence Nichols states, so they are prepared when it goes into effect. This standard controls contractual relationships and will provide more consistency across all industries globally. These new standards, although they apply to all industries, will particularly impact the high tech, telecommunications, and manufacturing industries.

The Russian government is one step away from essentially cutting its population off from the global internet. The “sovereign internet law” passed by the legislature’s upper house needs only President Vladimir Putin’s signature to require online traffic to pass through servers run by the government’s internet regulation agency by 2021.