EIF event – EU data protection reform

The recent EIF event The reform of the European data protection legislation provided an insightful discussion on the forthcoming changes to the European data protection regulation.

Some notes from this event

The current directive is 17 years old .. and needs to be enhanced because of the changed nature of society driven by the Internet

Key considerations in the regulation are:

To reinforce the rights of the individuals

Transparency

Control of data (ability to withdraw from net / delete your own data)

To ensure that data about you is accurate

Right to be forgotten

The regulation is also a part of the Single market

Savings for business(estimated to be 2.5 billion euros) through a single point of compliance and uniform interpretation

The regulation would include fines for non compliance

In the EU, privacy is a fundamental right vs. US it is a consumer protection issue

The regulation affects any company that offers services to EU citizens

SMEs are excluded from the bureaucracy (but not the spirit of the law)

This regulation affects many businesses – and not just in the EU – we expect it will be an ongoing discussion

EIF event – EU data protection reform