The FTC has issued a report that outlines a number of issues for companies to take under consideration regarding their use of Big Data analytics. The report aims to highlight the use of Big Data analytics and outlines the benefits and risks it creates.
The FTC notes that Big Data analytics can benefit low-income populations by helping to target educational, credit, healthcare and employment opportunities. Potential inaccuracies and biases, however, might have detrimental effects on those same people.
The FTC urges companies to ensure that they have an understanding of consumer protection laws that might apply to their Big Data practices and proposes key policy questions that aim to depict the ways in which Big Data can both present and prevent harm. The policy questions are designed to help companies determine how best to maximize the benefit of their use of Big Data while limiting possible harm.
The FTC stated that it will continue to monitor areas where Big Data practices could violate existing laws and will bring enforcement actions where appropriate.