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The European Union General Data Protection Regulation (GDPR) replaces the bloc's patchwork of rules dating back to 1995 and heralds an era where breaking privacy laws can result in fines of up to 4 percent of global revenue or €20 million ($23.5 million), whichever is higher, as opposed to a few hundred thousand euros.

New European privacy regulations went into effect on Friday that will force companies to be more attentive to how they handle customer data.

Social media applications and website like Facebook, Instagram, WhatsApp and Google have been filed with objections with in just a few hours of the latest General Data Protection Regulation law taking effect. Buyers are required to hand over their data or else own "a 1,000-euro brick" that they can't use, Schrems said.

Facebook knows way too much about all of us, but it's not the only company hoarding everyone's private data. Further, a consumer can also transfer the data regarding herself from one company to another, and instruct the former to delete the same, which is of particular relevance to healthcare providers, insurance companies etc. GDPR also requires a firm to inform a client within 72 hours in case of a data breach.

Why do US companies have to comply with those rules, too? It is as if the data protectors were just waiting for the EU GDPR to roll out. Even though it only applies to the European Union, any company that has any customers in the European Union has to comply. The 2018 enforcement allowed several countries to make their own legislative improvements - the United Kingdom and Australia are just two of a number of regions that have also updated their data protection laws. You can already request your data from Facebook, Google, Apple, Instagram and Microsoft.

Through its new rules and standards, the GDPR encourages organizations to rethink existing data management policies and invest in state-of-the-art security for data protection. On top of that, the law is extremely complicated, especially when it comes to the way personal data is defined. Facebook has updated its privacy policy and has made it available in 11 Indian languages.

Foreign banks with operations in Taiwan should easily be able to adjust to GDPR as they follow protocols set by their head offices, while domestic banks that do not have branches in Europe are still subject to GDPR if their business involve collecting personal data from residents in Europe, Koo said. The pop-ups will explain how cookies are used for tracking your browsing history, and if you close the banner and use the site without doing anything, you're most likely consenting to letting that website track you.

Schrems was a 23-year-old law student when he first took on Facebook and he's been fighting Mark Zuckerberg's social network ever since - becoming the poster-boy for data privacy. For instance, if you Like certain pictures on Instagram, you may notice that similar pictures are recommended to you in the Explore function or that ads are catered to your desires.