The nipple and areola area contain sebaceous and sweat glands like on the face or on any other parts of the body where all sorts of skin problems can occur.When these glands get clogged they could form a pimple like lump.What you should not do is squeeze this bump because you might cause an infection.You may apply warm compresses,use antibacterial soap and see if a whitehead forms.If it does,apply a little Polysporin and it should go away in a few days.
I don't think that this bump has anything to do with breast cancer,but you should have your doctor take a look at it, particularly if it becomes inflamed,larger or doesn't go away soon okay?
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