European Union's new privacy rules, which are believed to be stronger, are to be revealed very soon that might end up forcing costly burdens and also large amount of fines levied on errant companies.
European Commission will be proposing few far reaching and effective changes to various previous rules. The new rules will be dictating how companies must handle personal information of its users'. The EU regulations were first drafted in the year 1995.
For the first time the new set of proposed rules will be imposing one set of privacy rules for 27 countries under European Union. Thus, the new rules will override all the other different national rules of these countries, reported Financial Times (opens in new tab). These rules might be affecting various technology companies like Facebook and Google as they are known for storing huge amount of personal data.
Microsoft Europe's chief operating officer and associate general counsel, Ron Zink, stated that, "We have been pushing for harmonisation of privacy laws for several years, but we are concerned that these proposals may be too prescriptive."
On the other hand, according to a privacy specialist at Hunton & Williams law firm, the purpose of this proposed move is to increase data protection to such a level that chief executives as well as corporate boards take it seriously along with the technical compliance staff.