U.S. Consumers Should Get More Protection Under New EU Rules

A new set of rules going into effect in Europe means customers of some U.S. companies will get extra protection for their personal data, according to reports.

Companies, such as banks, credit cards and insurance companies, have to be more transparent with how they collect data on EU citizens under the General Data Protection Regulation, according to the Wall Street Journal.

The rules, set to go into effect by May 2018, will also govern the types of data collected and how data breaches are handled.

Some experts believe that multinational firms will adopt the EU rules throughout their operations, rather than trying to comply with multiple sets of rules across locations, according to the WSJ. 

“From an architectural perspective, I think companies are going to assume everyone they’re dealing with is a European Union citizen,” Denyette DePierro, vice president and senior counsel of cybersecurity and payments at the American Bankers Association told the WSJ.

U.S. consumers should benefit from the rules, which include notification of a data breach event within 72 hours. 

Read more at WSJ.com.