You can meet hardly anyone these days without a smartphone, tablet or a wearable that is continuously monitoring, collecting and storing (either locally or in the cloud) data about its location, usage, connections etc. While this is good for companies that are into aggregating and selling this information for various purposes (most of which consist of making you spend money!), what about the consumer? Are there any valid privacy concerns? Can this data be used for other purposes like identity theft or fraud?

Edith Ramirez, the chair of the Federal Trade Commission, speaking at CES, said that the volume and granularity of the data being collected is without precedent (and increasing exponentially). With the Internet of Things (IoT) gaining a lot of traction lately in the industry, companies need to be especially careful about what information they collect and how they protect it from misuse.

If your organization collects customer data, do you have an inventory of what is collected and for what purpose? How is it protected? Perform a data inventory, identify the sources and assign reasonable controls around it to ensure it is not stolen or misused.