This paper describes the fundamental nature of Big Data as an ecosystem and how it engages with society. Although Big Data has promising applications to real-world problems, it is met with warnings and risks–the most severe being risk to individual privacy, identity and security. In response to these challenges and risks, the paper explores the future of Big Data and how it will be shaped by academic research, legal and technical frameworks for ethical use of data, and larger societal demands for greater accountability and participation.