Should an organization's ability to collect and process data on exponentially increasing scales be limited in any way?

Should an organization's ability to collect and process data on exponentially increasing scales be limited in any way? Does the fact that information can be architected for a particular purpose mean it should be, even if by so doing individual privacy rights are potentially violated? If data meant for one use is diverted to another process which is socially redeeming and would result in a greater good or could result in a financial gain, does that mitigate the ethical dilemma, no matter how innocent and pure the motivation?