European Union Takes Data Privacy More Seriously

Data privacy is becoming more important to consumers all over the world, and there are different ways to balance technology with security. Over in Europe, policymakers seem to be on the right track by the look of things, although it is still early to say so for sure.

Data Privacy in The European Union

For many years now, regulators and policymakers have tried to juggle organization with technology and security. Data privacy is one of the foremost examples of how hard that juggling act can be as it’s hard to come up with a proper mix that works for everyone these days.

However, the European Union seems to be on the right track in this regard, as their new set of rules to transfer customers’ personal data across borders is a vast improvement. While these are still the early days of this new regulatory framework, the impact could be a positive one for both governments and enterprises.

With the General Data Protection Regulation being the only protection authority in the EU, there is a streamlined landscape for enterprises to access a harmonized approach to data protection across the region. Additionally, financial penalties will be handed out for security incidents, whereas there is also a powerful incentive for being compliant. This risk-versus-reward approach may turn out to be a smart decision.

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But there is more, as European companies are rather outspoken regarding their concerns about data privacy by companies such as Google and Facebook. Both of these institutions are well-known for monetizing the information they collect on their users, which caused a lot of scrutinies and several antitrust investigations in Germany.

In the end, collaboration seems to be a key component for creating a data privacy ecosystem everybody can feel comfortable with. It is also important to keep in mind there is no perfect business model just yet, and there will be incidents regarding data privacy at some point in the future. However, these issues need to be coordinated between all involved parties, rather than keeping them private.

Source: Dark Reading

Images credit 1,2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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