EU: New Regulations Makes Data Breaches Extremely Expensive

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It has been recently stated that data protection scandals like the one currently consuming Facebook would potentially become rather expensive for businesses from May under new EU regulations according to the EU Justice Commissioner.

Following this, Facebook is under a lot of pressure from both sides of the Atlantic after revelations that Cambridge Analytica, a British data analysis firm, exploited the personal data of approximately 50 million users of the respective social network.

The General Data Protection Regulation will come into play in the EU on the 25th of May which will strengthen the protection of EU citizens’ personal details. Moreover, it will apply to all companies, including those outside of the EU.

The new legislation, which increases sanctions power, is not retroactive but Vera Jourova assured that the new regulation will make the European Union a place where cheating will be extremely expensive.

In addition, the commissioner did not meet with a representative from Facebook on the matter of the data breach however Jourova did participate in a roundtable on a different matter with a representative of the social network company.