We need a new era of data responsibility says Ginni Rometty

IBM's boss Ginni Rometty talks about how data privacy conversations need global and centralised attention and why consumers must feel secure about where their data lies. Fascinating insights into what's going to be big topic of focus at #Davos - Here's a portion of her perspective reproduced. We need a new era of data responsibility says Ginni Rometty

Every minute of every day, every action, reaction, decision, event and process is being expressed as data – data that is collectable and yielding knowledge.

For consumers, it’s made daily tasks simpler and easier. From knowing what movie you want to watch, to the app providing real-time weather and traffic patterns along your commute, data is seamlessly integrated into our everyday lives.

only 20% of the world’s data is searchable – which means 80% of the data out there is sitting on private servers

For businesses, data is now the key to competitive advantage. And here’s the crucial fact: only 20% of the world’s data is searchable – which means 80% of the data out there is sitting on private servers, most of them in businesses. The potential value this data holds is immeasurable. When unleashed by new technology like artificial intelligence, it is helping businesses develop deeper insights, make exponentially better decisions and engage customers as never before.

But we mustn’t confuse data with wisdom. Expert understanding of processes, industries and fields of knowledge is required to make sense of the data that matters for business and society.

We must be clear about who owns data and the unique insights it generates - Ginni Rometty on responsible data

Living in a data-driven world means there’s more risk than ever that personal information will be stolen, that bad actors will use this data to target individuals for crimes or false news. In 2017, the challenges of the data economy – from mass data breaches to the intentional manipulation of online platforms – captured global attention and raised questions about how we can tap the full benefits of this new world while limiting the risks.

Responsibility also means being transparent about data practices. We must be clear about who owns data and the unique insights it generates. Companies must be clear with their customers, and governments with their citizens, when they ask them to give up ownership of their data.

Please do read the full article here on World Economic Forum