Northern, WI 1/10/2013 (WallstreetPr) – In the current world of internet networks, privacy of data has emerged to be an issue of great concern. With Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB) and Google (NASDAQ:GOOG) breaking through almost all barriers of shielding information, it is no wonder that they are now facing concerns from the political arena, in this case, the EU. A draft law is now under consideration to make changes to accommodate stricter rules with regard to user privacy.
Ever since Facebook has opened its markets to advertising, the concern for privacy has increased by a higher margin. A German Member of the European Parliament, Jan Philipp Albrecht, who is spearheading the reform, was quoted to be championing the cause of user awareness of their private information being shared. The permission seekers for this policy involve the European Parliament and the 27 countries of the European Union.
Aspects under scrutiny for changes are shifting of user data from network to network, consent from user interface to access data and also heavier fine for any out of line breech in privacy. So far, the heaviest fine, for a whopping $ 131,000, was levied by the French authorities in the year 2011 on Google, for an unapproved broadcast of street mapping data.
This move has been welcomed by most policing commissions in the EU. They are now proposing that most data protection agencies work together under mutual co operation for the purpose of better monitoring and protecting data and user privacy. If this draft is passed, the regulatory body of a country (belonging to the EU) will be the go-to protection committee for companies.
Internet companies, however, are worried about its affect on their business. There is bound be some unrest among the European sections of the above mentioned internet giants. Facebook was quoted expressing concern over the “reality of innovation over the internet.”
Shares of Google Inc. (NASDAQ:GOOG) were up by 0.66% to close at $738.12.
Shares of Facebook Inc (NASDAQ:FB) were up by 5.26% to close at $30.59
Shares of Microsoft Corporation (NASDAQ:MSFT) were up by 0.56% to close at $26.70.