The European Union (EU) is preparing to propose new rules that will require companies to disclose data breaches within 24 hours, according to reports.
The new rules are aimed at protecting customers and reducing bureaucracy, EU Justice Commissioner Viviane Reding explained in a speech at a conference today in Munich.
“Companies that suffer a data leak must inform the data protection authorities and the individuals concerned, and they must do so without undue delay,” Bloomberg quoted Reding as saying at the DLD conference. “European data protection rules will become a trademark people recognize and trust worldwide.”
Reding also spoke about the importance of simplifying approaches to protecting data online, and stated that Europe’s current system has too many conflicting rules.
“The extra cost to business of this fragmentation is 2.3 billion euros ($3 billion) a year,” she was quoted as saying by Reuters.
According to Reuters, the proposal would grant individuals additional rights, including a “right to be forgotten,” which would allow people to request their information be erased and not distributed online. A “right to data portability” would ensure people can easily transfer their personal data between companies.
The new rules are expected to be announced Wednesday. The rules may be revised as they make their way through the legislative process, which is projected to take at least two years, according to reports.
