While Mark Zuckerberg has been busy defending Facebook over data collection and privacy, a much more ominous threat is quietly coming from Europe. The European Union is implementing tough new standards on data privacy with stiff fines for violators. What many don’t realize is that these rules do not apply only to European companies, but to anyone who has data from Europeans.
For example, American universities enroll students from abroad and they will now be subject to this law. Complying will cost millions and those who violate the new law could be subject to fines up to $23 million dollars.
Europe’s view is that the individual controls his or her data, not companies that collect it. With an amazing overreach around the world, this now becomes a new global standard. On top of trade wars, brace yourself for a new—and costly—cold war over privacy and data.