>> You might have noticed a lot of emails like this in your inbox lately. That's because of Friday's new EU law on data privacy. It's called GDPR or General Data Protection Regulation. The aim is to force companies to manage the data customer sign over to them in a safe way.
It applies to any identifying information, such as your name, address, religious beliefs, or sexual orientation. The GDPR means people living in the EU can expect clear information about who is processing their data and why, access to the data held about them, the right to have personal data corrected or erased.
Reuters technology editor Douglas Busvine.>> There's a feeling that these big platform companies, the social media, the e-commerce companies from Silicon Valley know too much about us, that they're collecting data, they're doing corporate surveillance. And in Europe, politicians, the people don't like it so much.>> GDPR won't just apply to businesses based in the EU, but to any company that has customers in the EU.
For those firms, it means no more hiding privacy consents and general terms and conditions, keeping records of all the data held, a 72-hour deadline for reporting serious data breaches, fines of up to 4% of annual revenue for serious infringements.>> Facebook tracks 30% of the internet traffic. Google, 70%.
So it's enormous. This ends up in a huge data economy, and it's used to profile individuals and target advertising.>> GDPR will be policed by EU watchdogs, and big companies must now appoint a data protection officer to ensure they're on top of the law.