New rules in data protection: Businesses breaching European Union Privacy Rules will face fines of up to 5% of their global revenues based on new proposals to be unveiled soon. The rules will also apply to subsidiaries of foreign corporations. Companies with more than 250 employees would have to have a dedicated staff to deal with privacy issues.
The new rules will have to be approved by national governments who appear to be reluctant to give up oversight to the European Union. The process is expected to take up to two years for the new rules to be implemented.
Source: Financial Times