By Kate Jackson-Maynes, Cheng Lim, Michael Swinson, Annabel Griffin, Smriti Arora and Lauren Murphy, King & Wood Mallesons Australia

1. Data is an abundant resource…

In the new information economy, we are creating more data than ever before through our connected behaviour, our sharing of information, video and music on social networks and our spending patterns. And we will create even more data when the 20 billion connected devices that we use or interact with come online through the Internet of Things (IoT). “Big Data” refers to these very large and complex data sets (characterised by the 3 “Vs” — Volume, Variety and Velocity) that are difficult, if not impossible, to analyse or process using traditional data processing techniques.

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