New European Data Privacy Rules Bring Potentially Massive Fines

On Tuesday, the European Commission announced that it reached agreement on the final draft of the new EU Data Protection Reform.  All companies doing business in the EU must now face the prospects of both legal uncertainty and potentially massive fines of up to 4% of global revenues. 

Practically, this will require companies that work with data in the EU to carefully review these new reforms and adjust - or in some cases overhaul - their data security infrastructure and standard operating procedures accordingly.