LONDON, Dec. 22, 2015 /PRNewswire/ -- On Tuesday, December 15, European Union officials reached agreement on a pan-European law, creating a legal directive detailing how companies can use individuals' personal information. The law requires approval from the EU Parliament and European governments. More importantly though, the regulations could limit an EU company's ability to collect and process online data, a practice on which many companies with an online presence – such as media, advertising, retail, and banking – currently rely.
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The following is a statement by Geraldine McBride, CEO, MyWave in response:
"EU companies and their US counterparts need to understand the value of personal data privacy. And a newly proposed EU regulation might just force them to do it.
This past Tuesday, the European Union announced a new digital privacy law, creating a potential new framework that dictates how EU companies can use an individual's personal data.
And yet while the law still requires EU Parliament and European governments' approval, if implemented it will have serious consequences for companies collecting and processing online data. In addition to the tight timelines and fines for late reporting of security breaches, companies will also be restricted in their use of people's personal data to mine for information and the amount in which they can use this data to "profile" and advertise to their customers.
These reforms are a necessary step in the EU's attempt at curtailing what we have seen as one of the most sweeping efforts ever by companies to collect personal data from consumers. The new rules will give businesses legal certainty by creating one common data protection standard across Europe. It will be a welcome benefit to the consumer.
We applaud these efforts and see these regulations as a stepping stone not a stumbling block for businesses worldwide. For European brands, it should be seen as a welcome opportunity to create more personalized relationships with consumers. Rather than collecting massive amounts of data in order to regurgitate advertisements based on demographics, companies will need to create relationships with consumers based on engagement, creating an exchange of trust.
For those of us on the receiving end, it will be a welcome difference."
Geraldine McBride is the CEO and Founder of MyWave, a New Zealand based start-up digital assistant technology firm with clients in the UK and Europe.
About MyWave
MyWave (www.mywave.me) is a technology company radically redefining the relationship between business and customers by offering "Frank," the next-generation intelligent personal assistant. Frank makes customer's lives remarkably easier by transforming their interactions into "Customer-Managed Relationships (CMR)," where they are in control of their experiences across brands and service providers. Frank does this by securely storing customer's personal data and preferences in their own cloud. Using real-time market data and dynamic conversations, Frank enables businesses to generate increased sales and revenues by creating the hyper-personalized relationships and brand experiences that customers demand.
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