The European Union is coming up with a set of new and tough privacy rules to safeguard Internet users' personal data over the Web, according to new reports.
The move was expected for over a long time now, and it is likely to have far-reaching impact on how the Web giants like Google and Facebook handle privacy of their users.
Vice president of the European Commission, Viviane Reding revealed on Sunday that the forthcoming data protection legislation is specifically designed for safeguarding users' privacy, as well as for cutting the red tape for businesses across the continent.
"Only if consumers trust that their data is protected will they entrust companies with it ... We need individuals to be in control of their information," Reding explained while addressing the attendees at the DLD conference hosted by Munich, according to a report by Stuff.
Reding further stated that it had become a need of the hour to change and simplify the existing approach taken by the EU in implementing online data protection. She added by saying that the current mechanism makes it too costly and cumbersome for businesses to implement on data protection.
"In Europe we have too many rules, conflicting rules. The extra cost to business of this fragmentation is €2.3 billion (NZ$3.67 billion) a year," she said.