2014 will be a year of change for big data. In the spring of this year, EU regulation on how businesses can use and share big data is set to be finalised and due to come into effect over the next two years, InformationAge reports.
The aim of the new European Data Protection Regulation is to harmonise data protection laws in place across EU member states, therefore having wide-reaching implications for both businesses and consumers.
It’s possible that, in regulating these behaviours, big data initiatives will be deemed too risky or too expensive for most companies to implement. It therefore may actually end up preventing data from being used to ensure consumers get the best deals – on everything from mortgages through to insurance.
As a result, it is crucial that new laws tackling the regulation of big data strike the right balance between protecting the consumer and ensuring they benefit from the advantages of companies using big data responsibly.
… There is a concern from regulators that many consumers fail to appreciate the nature of the conditions they are signing up to and the implications around how their data will be used.
The impact of new regulation could be wide-reaching for every type of business, from search engines to social media platforms, online retail and credit reference agencies. Many of these are unprepared for the changes they will have to adhere to.