Yesterday I posted piece on Business Spectator about Australia’s new privacy regulations, little did I know that the European Union Parliament was about to release its own.
The EU regulations look interesting and certainly seem on first look to be far more comprehensive than Australia’s effort that I describe as a toothless, box ticking exercise.
A notable aspect of the EU’s announcement of the new rules is its claim that the updated regulations are expected to generate €2.3 billion in economic benefits each year.
Whether the EU’s rules prove to be an economic cost – as Australia’s effort will almost certainly turn out to be – or a competitive advantage remains to be seen, however the European Parliament is certainly making a case for data security and privacy protection as being an important selling point in a highly competitive digital world.
The competitive advantages between countries and continents in the 21st Century will be vary different to those that determined the economic winners of the previous two centuries.