General Data Protection Regulation is a new set of rules and regulations for how internet companies should behave in Europe.
When questioned by the New York Times, the website said they'd make changes so the language wasn't so hidden, but many companies have done something similar to Quora's first attempt. The tech giants were hit with multiple lawsuits that were filed by Austrian privacy advocate Max Schrems.
If you've spent any time online over the past few weeks, you will no doubt have noticed a steep up-tick in the number of communications from companies telling you how much they value your privacy, and asking you - very politely - to review the terms of your relationship with them.
Companies can be fined up to 20 million euros ($24 million) or four percent of annual global turnover for violations.
Senator Ed Markey and three fellow lawmakers introduced a resolution this week that would call on firms to offer the same protections of the European law in the US.
"Facebook even blocks accounts of users who have not given their consent".
This law is only in effect in the European Union because the digital world has no boarders, companies in the US have to follow the rule too. Since throwing away your encryption keys is not the same as "erasure of data", GDPR prohibits us from storing personal data on a blockchain level.
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"It's a gradual and not a revolutionary kind of thing ..."
However, some Taiwanese lenders would have to do more than their peers, Koo said, noting that the six state-run banks that have branches in Europe would have to appoint data protection officers who report to chief privacy officers and commit additional resources toward information and information transmission security.
The authority also announced the closure of its electronic portal for requesting authorisation for data processing.
"Companies should be aware about other repercussions as well.
Therefore, new jobs will be created for professionals skilled in cyber security skills", said Sai Pavan, director of SiriNiti, a cybersecurity services company. That basically means most multinational corporations or organizations need to comply with the new regulation.
GDPR critics argue the law is confusing and cumbersome, and could lead to unintended effects on both sides of the Atlantic. Organizations should already be able to provide products or services that address their customers' rights as outlined in the GDPR. While the law applies to individuals and personal data resident in the European Union, many organizations and services are taking the opportunity to revise their policies and practices for all users. "In the past 18 months, we have taken steps to update our products, policies and processes to provide consumers with clear data on transparency and control over all services we provide within the EU", added he.
"It's not obvious that you can necessarily migrate the data from your system to somebody else's system", Tanguy Van Overstraeten, of Linklaters, said. A clause in the regulation - the "right to be forgotten" - makes it mandatory for a company to delete all the data it is holding about a client, if she so demands.