European Union negotiators have finally agreed on the text of a significant new data protection and privacy law after years of debate.
On Tuesday, the European Commission, the European Parliament, and the European Council came to a consensus on the language of the text, which has not yet been released in its entirety. (The most recent previous draft Ars was able to locate was dated November 27, 2015.)
Notably, the agreement sets the maximum corporate fine for violating user privacy to four percent of a company’s worldwide revenue—significantly more than the marginal sums that companies like Facebook and Google have paid in the past. For a company like Facebook, the new agreement would mean a potential maximum fine in the neighborhood of $500 million. For Google’s parent company, Alphabet, it would be about $2.5 billion.