Reuters reported that the US and the EU are very close to upgrading the much criticized Safe Harbour, the agreement that regulates the transfer of personal data between, across the Atlantic.
It is not that easy: data security does not equal privacy.
A regulation approved by the European Parliament aimed at protecting citizens’ privacy comes with sweeping penalties for breaches—up to €100 million (US$139 million) or a penalty that would be likely set on 2 percent of global annual turnover.
In addition, the European Data Protection Regulation applies not only to European companies, but any company that does business in the European Union.
Having safely stored her data, a company may still be in breach of European data protection regulation.
A 2015 survey from Varonis (http://www.varonis.com/research/) found that nearly half of European IT professionals would struggle to meet the new EU data protection requirements. 30% of the surveyed companies do not have a plan to enable them to comply with the new legislation.
Compliance with EU data protection law makes a Company’s life easier (and much, much, much cheaper).