European Union rolls out tough new privacy legislation

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Businesses operating in the European Union could be fined $20 million Euros or 4% of their global turnover for violating new privacy laws.

The fine amount is determined by whichever figure is larger. According to the New York TImes, 4% of Facebook's global turnover would be around $1.6 billion.

According to Reuters, the law will apply to social media companies, banks, insurance firms, technology businesses and any enterprise which collects consumer data en-masse.

The new law means thats companies need to be more transparent about how they handle user data, get permission for it and gives users power to request for it to be deleted, or moved elsewhere.

U.S. Homeland Security Secretary Kirstjen Nielsen warned the law may give rise to more cyber threats. According to Reuters, she said users opting not to give information may hamper internet security research which relies on trends in this data.

RUNDOWN SHOWS:
1. Depiction of EU data law
2. Depiction of companies taking consumer data on board
3. Depiction of user requesting, then deleting data
4. Depiction of potential cyber security threat

VOICEOVER (in English):

"From May 2018, businesses operating in the European Union could be fined 20 million euros or 4% of their global turnover for violating new privacy legislation."

"The fine amount is determined by whichever figure is larger."

"According to Reuters, the law will apply to social media companies, banks, insurance firms, technology businesses and any enterprise which collects consumer data en-masse."

"The new law means thats companies need to be more transparent about how they handle user data, get permission for it and gives users power to request for it to be deleted, or moved elsewhere."

"U.S. Homeland Security Secretary Kirstjen Nielsen warned the law may give rise to more cyber threats.

"She said users opting not to give information may hamper internet security research which relies on trends in this data."

SOURCES: New York Times, Reuters
https://www.nytimes.com/2018/05/06/technology/gdpr-european-privacy-law.html
https://www.reuters.com/article/us-facebook-sandberg-privacy/facebook-to-hand-privacy-controls-to-users-ahead-of-eu-law-idUSKBN1FC1Q6
https://www.reuters.com/article/us-usa-cyber-nielsen/u-s-official-warns-of-unintended-consequences-of-european-data-privacy-law-idUSKBN1HO36J