EU’s Revamped Privacy Rules May Save Companies $3 Billion a Year

Bodoni, Stephanie. "EU’s Revamped Privacy Rules May Save Companies $3 Billion a Year." BusinessWeek, September 25, 2012.

From the article:  "Companies could save as much as 2.3 billion euros ($3 billion) in administrative costs thanks to an overhaul of the European Union’s data-protection rules, the EU’s justice chief said.

The proposed changes to the EU’s 17-year-old data protection rules will allow companies to do business in Europe based on “just one law” and the savings they could make “is not peanuts,” EU Justice Commissioner Viviane Reding said in prepared remarks for a speech in Dublin, Ireland, today. Companies will save a further 130 million euros every year by not having to notify authorities “each and every time data is processed.”  Read more