2017-2018 exchange Sept Oct 2017 Newsletter FINAL | Page 12

It’s All About Data
The use, retention and deletion of data has become more com-
plex given the explosion of “big data” and data analysis, as well
as the increasing regulatory scrutiny around certain types of
“private” data (e.g., non-public personal information). This in-
cludes the Global Data Privacy regulation and the NYS Cyber-
security regulation.
(Big) data analytics is
defined (by tech-
target.com) as “the
process of examin-
ing data sets in order
to draw conclusions
about the information
they contain”.
Big data refers to large data
sets, which can include both
structured and unstructured
data. The volume of the data
sets are such that they can-
not be processed using typi-
cal software tools.
Large data sets can be analyzed by using different technolo-
gies, and techniques — data and text mining, and machine
learning algorithms. The benefits of performing such analyses
include increasing efficiency and reducing cost, identifying busi-
ness opportunities and predicting trends. More specifically, it
could translate to understanding how to underwrite applications
and process claims faster and improve the screening of job ap-
plicants.
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