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>> On May 25th the EU is set to change the digital world with the greatest overhaul of personal privacy laws since the birth of the Internet. General data protection regulation, or GDPR could turn out to be very costly for businesses who rely on our personal data. But it should give EU citizens new powers over how their data can be collected, used, and stored.
>> The ramifications go far beyond Europe, from Singapore to San Francisco. Any company looking to access the some 500 million strong consumer market will have to comply or risk hefty fines. Big tech firms such as Facebook are already gearing up for it.>> We also wanna help people take control of their data, the EU is setting the standard.
>> In January they announced a new global privacy center claiming to make it easier for all their users to manage personal data. But some companies with significant business in Europe don't even know that GDPR is coming. London law firm Baker Mckenzie whose clients include google have been has been advising on the legal changes.
>> Big e-commerce companies in say, Hongkong, Singapore, the US assume that the law might not apply to them because they are not based in Europe. But the law actually applies to anyone who is processing data relating to people in the European Union.>> The GDPR's there to stop firms illicitly hoovering up and using your online data, so what does it means for companies?
They'll have to provide EU customers access to their personal data and in some circumstances, delete it if requested. Companies will have to make data breaches public within 72 hours, and failing to comply could mean a maximum fine of 4% of their annual revenue. Uber is just one high-profile firm to announce a major data breach in recent times, but they did so a year after the incident.
The EU's changes are proving to be good business for software and privacy experts. With many big data crunching companies spending over $10 million to comply by May's deadline. It's not just the headline-grabbing social media giants who are scrambling to get their business in order.