CNN Tech by Ivana Kottasová 5/11/2018
Europe's new data protection law is coming into effect on May 25. For some companies, that means closing up shop.
The cost of complying with the new law has already forced an online game producer, a small social network and a mobile marketing firm to close key businesses or shut down entirely.
The EU General Data Protection Regulation (GDPR) applies to any organization that holds or uses data on people inside the European Union, regardless of how big they are or where are they based.
Google (GOOGL), Facebook (FB) and other big tech companies will be affected by the changes, but experts say that smaller competitors are finding it much harder to comply.
Julie Bernard, chief marketing officer at Verve, said that the mobile marketer would shutter its operations in Europe because "the regulatory environment is not favorable to our particular business model."
She said that while the new law would benefit consumers, it may also advantage large companies with the resources -- lawyers, data experts and programmers -- needed to make the transition.
"The implications and ramifications of GDPR compliance will challenge numerous organizations ... with resources on scales smaller than, say -- and in particular -- Facebook and Google," said Bernard.
The new rules give Europeans more control over their personal data.
More:
http://money.cnn.com/2018/05/11/technology/gdpr-tech-companies-losers/index.html
