How the new European data law will affect U.S. companies
By Zack Whittaker | January 25, 2012, 5:13am PST Summary: With the draft European data protection regulation announced, it won't just affect the 700 million Europeans. U.S. companies with European users should also take heed. If you thought that because you were a U.S. company that European rules would not affect you, think again. Europe has a population of over 500 million people, which is nearly twice that of the United States. The new Regulation signals that the tide has turned. The 1995 Directive focused on building the online economy, and favouring businesses large and small to expand and grow, while the 2012 Regulation will reverse the fortunes for businesses and focus on European end users. Internet companies will have to seek explicit consent from its users to use data about them, including when it is being collected, told for how long it will be stored, and for what purpose it is being used for. A European Commission spokesperson confirmed to ZDNet that the propose...