Global banking body warns of risks of data collection by technology companies

An article published by the world’s leading group of central banks, the BIS (Bank for International Settlements), recommended that individuals and companies have more control over their data collected by social media, large banks and other technology companies.

The BIS document states that while most countries already have laws on the use of data, most people are still not aware of what is at stake or their data rights.

Authorities must therefore adopt new data governance systems to “level the playing field between data owners and data controllers”, the document says. Agencies should require companies to obtain clearer consent to collect data, better explain how it is being used, and make it easier for those from whom it was collected.

“When data is shared between providers and users, the governance system must specify what data is requested to be shared, how long it will be retained, and who will process it,” the document said.

Younger and poorer people also tend to be denied loans due to a lack of previous credit history, whereas if they had full access to their data online, it could be used, the BIS assessed.