Jennifer Rathburn, Simone Colgan Dunlap quoted in article “How to Mitigate Data Monetization Risks”CIO Journal 01/26/15
Below is an excerpt:
The Value of That Data
It's clear that data initiatives offer myriad opportunities both internally (streamlining processes, customer insight, enabling new products, etc.) and externally (selling data to third parties). As an example of the latter, Rathburn points to Carolinas HealthCare System, which buys patient data (like credit card purchases) as a data source that it uses as part of an initiative to predict and prevent illness.
Such uses have the potential to transform your business, but they also may expose your organization to considerable risk. In a paper published last month, Rathburn and Associate Simone Colgan Dunlap note that regulatory issues may just be the tip of the iceberg.
"One of the biggest risks associated with use of big data stems from regulatory issues," they write. "The regulation of data is complex and is shifting rapidly. Accordingly, a critical part of creating a successful data monetization strategy involves understanding regulatory constraints related to data acquisition, use and disclosure."