The European Commission is currently drafting a plan that will standardize reporting requirements for companies that store data online in the event of lost or stolen personal data. As The New York Times reports, EC VP Nellie Kroes is writing the bill and hopes it will replace the current disparate laws that exist across the European Union with standardized procedures that would increase accountability when it comes to storing data online — in addition to standardizing laws across the 27 EU nations, more companies would be responsible for disclosing when a data breach is suffered.
The new law would call for any company with a large database stored online — for things like search, social networks, or cloud services — to disclose...
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