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Businesses May Face Fines of 2pct of Sales For Breach of New E.U. Privacy Law
engine

WebmasterWorld Administrator engine us a WebmasterWorld Top Contributor of All Time 10+ Year Member Top Contributors Of The Month Best Post Of The Month



 
Msg#: 4410655 posted 12:58 pm on Jan 25, 2012 (gmt 0)

Businesses May Face Fines of 2pct of Sales For Breach of New E.U. Privacy Law [bloomberg.com]
Companies face fines as high as 2 percent of yearly global sales for losing personal data under an overhaul of European Union privacy rules.

Data protection agencies in the EUís 27 countries would gain the power to sanction companies that violate requirements for handling personal information proposed by the European Commission today. The measures, which also target online- advertising and social networking sites, update the EUís 17- year-old data protection policies.

The EU overhaul would also clamp down on data lapses such as Sony Corp. (6758)ís six-day delay in warning customers about a cyber attack that exposed more than 100 million customer accounts, the second-largest online data breach in U.S. history. Industry groups with members including Microsoft Corp. (MSFT) and Google Inc. (GOOG) have warned against overly strict data-privacy rules that may stifle innovation.


 

graeme_p

WebmasterWorld Senior Member 5+ Year Member



 
Msg#: 4410655 posted 10:32 am on Feb 1, 2012 (gmt 0)

MS and Google do not like it, EU thinks its a good idea. Hard to decide who I trust least here.

enigma1

WebmasterWorld Senior Member 5+ Year Member



 
Msg#: 4410655 posted 11:09 am on Feb 1, 2012 (gmt 0)

Probably part of the EU solution for funding their bankrupt economies.

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