The European Union (EU) has released an extensive plan to ease digital regulations.
The project, announced Wednesday (Nov. 19), centers around a “digital omnibus” that streamlines rules on artificial intelligence (AI), cybersecurity and data.
According to the European Commission — the EU’s regulatory arm — the plan would also be coupled with what it calls a Data Union Strategy to unlock high-quality data for AI and European Business Wallets that will provide companies with a single digital identity to simplify paperwork and make it easier to do business in EU countries.
Henna Virkkunen, the EU’s executive vice president for tech Sovereignty, security and democracy, said the plan will help startups and small businesses hindered by strict regulations.
“By cutting red tape, simplifying EU laws, opening access to data and introducing a common European Business Wallet we are giving space for innovation to happen and to be marketed in Europe,” Virkkunen said in a news release. “This is being done in the European way: by making sure that fundamental rights of users remain fully protected.”
The plan follows efforts by U.S. and American tech companies, along with the White House, to get the EU to reform its regulations. A report by Bloomberg News noted that even within Europe, there are critics who warn the region could fall behind the US and China in the AI race.
With the European Business Wallet, companies will be able to digitalize operations and interactions so they won’t need to carry them out in person. It will let businesses digitally sign, timestamp and seal documents, create, store, and exchange verified documents and enjoy secure communications with other businesses or public administrations throughout the EU.
According to the commission’s announcement, the plan also calls for simplified cybersecurity reporting, arguing that the current system requires companies to “report cybersecurity incidents under several different laws.” This package creates “a single-entry point where companies can meet all incident-reporting obligations,” the announcement added.
To boost innovation and compliance, the commission is also proposing “targeted amendments” to the General Data Protection Regulation (GDPR) that “will harmonize, clarify and simplify certain rules,” without reducing data protection standards.
The ultimate goal, the commission said, is to reduce administrative burdens by at least 25% — 35% for small businesses — by the end of 2029.
Source: https://www.pymnts.com/