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.
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.
September 26, 2012