What will the EU Data Protection Reform bring for startup companies and Big Data?
The use of Big Data by the top 100 EU manufacturers could lead to savings worth €425 billion. By 2020, some estimates say the value of European citizens’ personal data has the potential to grow to nearly €1 trillion an¬nually. With consumers across the EU increasingly concerned about privacy, providing high standards of data protection is a necessity, and one that means growth and business. In the run-up to the final negotiations of the data protection reform, the European Commission today sets the facts straight in a new factsheet on the EU data protection reform and what the new rules will mean for Big Data.
The EU data protection reform promises to be an enabler for Big Data services in Europe by providing a single, strong, and comprehensive set of data protection rules for the EU that will boost growth and innovation by enhancing legal certainty and strengthening trust from consumers. Among other things, it will guarantee stronger rights for citizens including an explicit right to be forgotten, a right to object to data processing, and a right to be informed when data security is breached. Protection of personal data is a fundamental right laid down in the EU's Charter of Fundamental Rights, and the new rules will provide citizens with the protection they are due.
Businesses are also set to benefit from the data protection reform. Increased trust from consumers will provide further business opportunities and chances for innovation. Companies will also have easier access to the whole EU market, with the current 28 national legislations being replaced by one, simple and clear legal framework and a one-stop-shop for governance and enforcement. The rules will apply to companies from across the world providing their services in the EU, meaning fair competition for businesses, and a guaranteed right to protection of personal data for citizens.
- Factsheet – The EU Data Protection Reform and Big Data
- Data Protection Day 2015: Concluding the EU Data Protection Reform essential for the Digital Single Market
- EU data protection page