EU financial regulators say more rules are needed for Big Data

Additional rules may be needed to monitor growth in Big Data, or collection of high volumes of information, which could pose security, privacy and accountability risks, European Union regulators said on Monday. Entire business sectors are being reshaped by building on data analytics and Big Data has the capability to transform the way products and services are provided, Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority, said. Regulators worry that some customers will be classed as “undesirable” as firms are able to undertake more detailed analysis on them, EU banking, insurance and markets regulators said in a joint statement. Read more: