We're living in a world where digitalization continues to grow stronger by the minute. The dynamic use of technology is changing the way we think and perform our daily tasks. Therefore, it may not be surprising for many to realize that technology will dominate the future of businesses and households. As is becoming evident, artificial intelligence (AI) will too.
Digitalization is meant to improve interactions and general client experience. It generates a lot of new data as it fulfills its mission. Much of this new data tracks micro-behaviors along the customer journey. This information is precious to organizations. It also represents new concerns for them about how they manipulate, store, and use the data and for which purposes.
Businesses cannot afford a privacy breach or invasion, regardless of how well established the company may be. After all, one wrong move with their data could put the business in a vulnerable position. One incident can have significant ramifications. Cybercrime and privacy breaches are no stranger to anyone in this world. Hackers are on the rise, and businesses are at constant risk of sabotage or exploitation. Therefore, it is imperative to develop a more precise understanding of data ethics and how it may intercede with our work.
Read through the rest of this article to understand how Data Governance covering data ethics will help maintain your company's reputation intact as you try to leverage your data assets and create business value.
Why Care About Data Ethics
In simple terms, data ethics relates to the process of assessing all potential moral problems that can arise from having a particular piece of data. It has become a widely discussed topic and a new hot area of ethics.
Data goes through various lifecycle stages, sometimes multiple times: generation, sharing, processing, curation, use of data, and storage. There are ethical questions to ponder at every step. If you are in the USA, and a Chinese firm is the lowest bidder on a platform that offers segmentation services for your B2C client list, do you consider it? This may be an easy one, but what if the firm is USA-based? Sharing data with a third party requires more scrutiny than where that party operates; the criteria may or may not include legal ones, but will include ethical one