"EU Reaches Agreement on Data Privacy: What Does It Mean For Your Business?"
You have probably already seen the headlines about the new EU data privacy regulation which will replace the current data privacy directive. No immediate action is required as it will not come into effect until 2018. Companies should, however, start planning for the changes by implementing serious data privacy policies and procedures as the new legislation contains a substantial increase in fines for violations.
But there is also some relief for companies as the new law introduces a lead data privacy authority (you will no longer have to deal with each member state individually). You can expect this to be in the headlines over the coming months and years.
The main points for U.S. companies doing business in the EU are detailed in our client alert.
We’ll keep you apprised as details emerge.