Companies face fines as high as 2 percent of yearly global salesfor losing personal data under an overhaul of European Unionprivacy rules.

Data protection agencies in the EU's 27 countries would gain thepower to sanction companies that violate requirements for handlingpersonal information proposed by the European Commission today. Themeasures, which also target online- advertising and socialnetworking sites, update the EU's 17-year-old data protectionpolicies.

The EU overhaul would also clamp down on data lapses such asSony Corp.'s six-day delay in warning customers about a cyberattack that exposed more than 100 million customer accounts, thesecond-largest online data breach in U.S. history. Industry groupswith members including Microsoft Corp. and Google Inc. have warnedagainst overly strict data-privacy rules that may stifleinnovation.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.