The proposed data protection framework for Europe will restrict and burden businesses and threaten innovation, says the Confederation of British Industry (CBI).Compliance will place a cost burden on businesses, which could deter investment and be passed on to consumers. The CBI is calling on the European Commission (EC) to revise its proposals, in favor of a proportionate, risk-based approach to the scope of data protection regulation that balances the benefits with the costs of changes, the data protection rights of individuals with the needs of customers and businesses, and their impact on innovative business models.”Since innovation is a key driver of economic growth, it’s vital that governments here and in Europe support cutting-edge businesses to continue to innovate, before they get left behind by the rest of the world,” said Matthew Fell, CBI director for competitive markets. Firms from across the commercial spectrum will also be affected by the proposed changes as better quality data increasingly drives improvements to business operations and services.
