Standardised EU data protection regulation planned

The European Union plans to introduce new, standardised data protection regulation. This step would foster fair competition and help businesses to profit from the advantages of the Digital Single Market. The new regulation would cut businesses’ cost by EUR 2.3 billion a year. In addition to this, it would also strengthen the rights of those concerned, make information providing requirements stricter and create a cross-border ‘one shop stop’ system for managing various affairs. In the new system the maximum data protection fine would be EUR 1 million or 2 percent of a company’s annual sales.