Changes to EU’s Data Protection Rules Could Save Companies €2.3 billion

The EU’s justice chief, Viviane reding, has just announced that European companies could save as much as €2.3 billion in administrative costs, thanks to an overhaul in the EU’s data protection rules.

The proposed changes will allow companies to do business in Europe based on just one law, saving them a significant amount of money. Companies could also go on to save a further €130 million every year by not having to notify authorites each and every time data is processed.

However, for companies that do over-step the mark on mishandling or losing personal data, could face fines as high as 2% of their yearly global sales.

According to Businessweek, Ireland’s regulation agency would be the point of contact for all data protection issues across Europe, taking over the rotating EU presidency for 6 months from January 2013.

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Source: Businessweek