European Union officials sealed a deal on a pan-European digital privacy law, forming a new legal framework which will have ripple effects around the world on how firms can utilize people’s personal details.
EU officials said negotiators agreed on a final text of the union-wide bill following almost four years of haggling and lobbying, replacing a patchwork of 28 different sets of national privacy laws and bolstering their privacy penalties to perhaps billions of euros.
Under the agreement, fines would be increased to a maximum of 4% of a company’s overall global revenue. The new text needs to be approved by the European Parliament and EU governments before enacting it in two years’ time.
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