Opinion: Europe's Strict New Privacy Rules Are Scary but Right By Jason Kint in Adage.
" .... The most significant change to data privacy regulation in more than two decades will go into effect on May 25, 2018. Under the EU's General Data Protection Regulation, or GDPR (a mouthful, I know), any company will need to ask for explicit consumer consent to collect and use data across the web and app ecosystem. The GDPR has been described as a new gold standard globally and "extraterritorial" in that it applies to any company that touches personal data of EU citizens -- so everyone needs to pay attention.
And the GDPR has teeth: It will prescribe fines equal up to a whopping 4% of global revenue. To put this in perspective, Facebook's fine last week of $130 million (for providing misleading information about its WhatsApp acquisition) could have amounted to more than $1 billion if it happened under these new rules. Amid our industry's uproar over the digital advertising "duopoly" of Google and Facebook, Europe should be applauded for writing the first law that, as a byproduct, may actually change how those companies do business. ... "
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