Currently 28 data protection laws in 28 countries exist within the European Union. Although they are all based on the same Data Protection Directive from 1995 (95/46/CE), they could not be more different in terms of the protection they provide based on their different implementation in each European country. The aim of the new Data Protection Regulation is to create a uniform, but high standard of protection all over Europe. The regulation will focus on reinforcing individuals‘ rights and will address the current lack of trust of the citizens. It will strengthen citizen’s rights such as the right to be forgotten, the right to data portability and the right to be informed of personal data breaches. Furthermore it will strengthen the EU internal market, streamlining international transfers and set global data protection standards with technologically neutral rules to enable innovations and remain up to date.
What does the new regulation mean for Non-European companies?
Data is the currency of today’s digital economy. Collected, analyzed and moved across the globe, personal data has acquired enormous economic significance. Strengthening the European standards of data protection will create new business opportunities beyond state borders and will include more and more Non-European companies. Therefore these companies have to face major changes and have to include the following three new substantial innovations in their business practice:
Most important for Non-European Companies will be the extended territorial scope of the new regulation. It will apply to all organizations that process personal data of EU residents. Unlike in the past the use of equipment located within the territory of a EU Member State is now irrelevant. The focus instead will be on the targeting of EU residents ...Zum vollständigen Artikel