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Reuters: In a speech, Viviane Reding, vice president of the European Commission, said that Europe needed new data protection rules that would assure consumers that their data is protected and that would simplify the current system of regulations that varies from country to country. The proposed rules would require companies to report data breaches to regulators, grant consumers the "right to be forgotten," and create a "right to portability." Companies that violate the rules could face fines equal to 1 percent of their global revenues.
It will likely take two years before these rules or similar regulation would become law.