In: Economics
What are the pros and cons of existing U.S. data privacy laws and why do you support or oppose reforming these laws with an alternative such as the GDPR?
Privacy and data protection laws create a safer environment for
everyone and our personal data. Most of the privacy and data
protection laws have aims of making individuals and their personal
information safer. American data protection law is safer as
compared to many other countries. It provides complete safety and
the citizens rely on the laws with their personal information. But
problems occur when cyber crimes occur. These are yet be
stopped.
The scope of data protection laws and privacy is basically to
ensure free flow of personal data between the citizens, while
keeping it safe and encrypted. Constant fluctuations in
socio-economic and technological contexts make aim to these
challenges. Keeping up with the technological laws and economic
development creates frustrations for consumers as well as
companies.
GDPR, i.e., General Data Protection Regulation ensures a
simplification of regulatory environment and standards. It poses
burden and cost for the companies as well. Free flow of information
in the country might be affected by the obligations.