How to avoid a €100 million data fine in Europe
Jennifer Baker reports:
A law approved by the European Parliament on Wednesday and aimed at protecting citizens’ privacy comes with sweeping penalties for breaches—up to €100 million (US$139 million) or 5 percent of global annual turnover, whichever is larger.
The European Data Protection Regulation will apply not only to European companies, but any company that does business in the European Union.
“This means that U.S. companies, even if they do no business in Europe, should be prepared to meet or exceed the EU regulation for the purposes of business operations,” said Ross Federgreen, founder of consultancy Compliance Solutions and Resources founder, in an email.
Breaches include transferring data out of the EU without explicit permission or using data in a way contrary to the obligatory privacy notice on corporate websites.
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