The European Union will propose new data protection rules Wednesday in an attempt to regulate online data privacy. See here a video report from Newsy:

Embedded Video Source by Newsy.com

Transcript by Newsy

BY JING LIU

ANCHOR MEGAN MURPHY

You’re watching multisource global video news analysis from Newsy.

Have you ever worried your private information could be leaked after shopping online?

The European Union is planning to give people the “right to be forgotten” by the Internet.

According to Bloomberg, the EU will issue tough new data-protection rules this week.

“The legislations will require companies to… delete data unless there is a ‘legitimate and legally justified interest’ to keep them on their servers…. (and) to disclose data breaches within 24 hours of their occurrences.”

According to The Financial Times, the proposed fine would be up to two percent of companies’ global turnover if they violate the new rules.  This means multinationals have to face bills worth hundreds of millions of euros.

A privacy specialist analyzed the function of the strict sanction.

“‘The aim is to elevate data protection to the level where it needs to be taken seriously by chief executives and corporate boards, as opposed to technical compliance staff.’”

A spokesman for the European Commission’s justice commissioner told BBC it has more well-meaning goals than just punishment.

“‘These rules are particularly aimed at young people as they are not always as aware as they could be about the consequence of putting photos and other information on social network websites, or about the various privacy settings available.’”

So, does the “right to be forgotten” mean people have the opportunity to change history?

As the Wall Street Journal reports, an EU commissioner told delegates at the Digital Life Design conference that there were circumstances where the right would not be effective.

“‘The archives of a newspaper are a good example. It is clear that the right to be forgotten cannot amount to a right of the total erasure of history.’”

Although the EU declares good intentions, the new privacy rules worry some businesses.

A lawyer representing technology companies that do business in Europe expressed his concerns to the New York Times.

“Individuals are getting more rights. The balance is tilting more to the individual versus the companies… There is very little that’s good for the companies other than a reduction of administrative headaches.”

The European Commission will submit the proposals on Wednesday. If approved, this will be the first overhaul of the 17-year-old data-protection policies.

Transcript by Newsy.

(Image source: European Commission)

Sources: Bloomberg Bloomberg Financial Times Financial Times BBC BBC Wall Street Journal Wall Street Journal The New York Times The New York Times