In the March issue of Accountant, Monique van Dijken Eeuwijk talks about the legal aspects of big data. Monique explains what - within the framework of the Accountants Supervision Act - we need to look out for when using big data.
Independence requirements and a duty of confidentiality are just some of the important aspects in that respect. With regard to storing data in the cloud, Monique says that accountants "should do everything possible to keep the data within the EU". But that is proving difficult, "due to a lack of state of the art technology and Intranet control in Europe".
Privacy of data is another subject that is discussed. Monique explains what data can and cannot be used for and if the client's consent is required. "You risk getting complaints from clients, employees and stakeholders if you don't stick to the rules". "The Netherlands Authority for the Financial Markets has already imposed penalties. Soon, privacy regulators will be able to do the same", says Monique. "An EU regulation is expected to come into effect on 1 January 2015". "I expect the regulators to soon start exercising their penalty powers as leverage in getting the new rules onto the map", Monique concludes the interview.
The complete article is to be found on the website of Accountant (only available in Dutch).