New EU privacy rules worry business

Businesses are bracing for a radical overhaul of European Union privacy rules to be unveiled this week, which some fret could result in costly burdens and large fines for errant companies.

The European Commission will on Jan 25 propose far-reaching changes to rules dictating how companies handle any personal information, the first time EU regulations first crafted in 1995 are updated. The proposals will impose a single set of privacy standards in the EU’s 27 countries for the first time, overriding often divergent national rules. Though watched particularly keenly by technology companies such as Google and Facebook, who store large amounts of personal data, the new EU privacy rules will impact the entire corporate landscape.