Friday April 25, 2014

EU’s revamped privacy rules may save companies $3 billion a year

An overhaul of the EU’s data-protection rules could save companies as much as 2.3 billion euros in administrative costs,  says EU Justice Commissioner Viviane Reding.

Business Week quotes European Union (EU) Justice Commissioner Viviane Reding in reporting that companies could save as much as 2.3 billion euros (or US$3 billion) in administrative costs thanks to an overhaul of the [EU's] data-protection rules. According to Reding, “the proposed changes to the EU’s 17-year-old data protection rules will allow companies to do business in Europe based on ‘just one law.’” Companies will save a further 130 million euros annually by not being required to notify authorities each and every time data is processed.

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