EU probes big data

European flagA report said that banks and insurers in Europe are facing regulation over their use of big data.

According to Reuters, three EU financial regulators issued a statement today saying they would look at the challenges big data poses by potential misuse.

The European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority said they would investigate big data to see if use of big data needed regulation.

The speed of computing allied with big data analytics could mean that peoples’ personal security could be compromised by profiling data based on an individual’s profile.

Analysing big data has become important to banks and to other financial bodies because they believe they can make money out of spotting patterns and such patterns could be misused.