The European Union calls for more regulation for Big Data

The experts want to ensure the safety and privacy of users

  "Transfer to the digital world those rights that have cost us so much to consolidate in the analog world and do it in cold, not hot". With this phrase, Soraya Sáenz de Santamaría, vice president of the Government, gave a boost to Big Data, but warned of the importance of security.

In this line, the European Union has requested additional measures to control the significant number of data collected, which could put security and privacy at risk.

Financial companies are increasingly designating "chief data officers" as cooperation agreements between financial institutions and data providers proliferate, regulators said.

  "Big Data can lead to better and more informed decisions, more efficient processes and more appropriate services," says Brussels.

The data is extracted from mobile phones, the internet and other sources, in an attempt to gain new insights into customer behavior and predict future events more accurately.

They are also used to adapt products to customers, such as by controlling the way they drive, or to inform investment decisions.

So the European Commission has warned that there is complete information on the number of banks, insurance companies and other financial companies that use large volumes of data.