The German word for octopus is indeed "Kraken", and looking at the pictures in the article linked by the GP, I'd bet on the former, rather than the latter.
There's a cultural connotation to the octopus: its tentacles reach everywhere. So, a likely translation for "Datenkrake" would be something like "data umbrella". We could also try "Big Data", in reference to "Big Pharma".
