There is the potential for Hoover style corruption, the movie Enemy of The State, did that well but you want to bet there's close connections between corporate sponsors and the state in the US, R&D by academia with commercial applications is only one example, which mean this sort of data mining could amount to social engineering.
The creation and collection of data banks like this just create targets for hackers too, so you could take every precaution with your personal IT security but state records get raided, maybe by a foreign power, and you get your personal banking screwed up and compromised. Hell there can be a lot more low grade corruption or incompetence any time and any where confidential information is involved. What if a low level analyst has hit on the fact that he can randomly exploit the flaws in the security of individuals in a data set they administer? Or something more basic than that even and decide to sell information on who has properties with security measures who hasnt in hollywood to the media or theives?
The creation of and maintence of data sets of this kind create all kinds of ancillary issues.