Gov’t Assessment Indicates Regulation Would Cost Companies
PRIVACY LAW—EU & UKNovember 26, 2012
The UK government says EU data protection laws will result in extra costs rather than savings for businesses, Out-Law.com reports. The net cost of annual compliance with the draft data protection regulation would be between 100 and 360 million pounds for UK businesses, public-sector organizations and charities, according to Justice Minister Helen Grant, who says the “burdens the proposed regulation would impose far outweigh the net benefit estimated by the commission.” Grant’s comments are based on a recent impact assessment published by the UK Ministry of Justice. The commission has said it anticipates reforms to save organizations 2.3 billion euros annually in administrative costs.