An anonymous reader writes: Viviane Reding, Vice-President of the European Commission announced today a new regulation for data privacy in Europe in replacement of a 1995 Directive. Recently, privacy laws have been under a lot of criticism for their practical inability to ensure a high level of protection to EU citizens. The new data privacy framework will bring a lot of changes: 24 hours security breach notifications, mandatory security assessments, end of notifications to local data privacy agencies, mandatory data protection officers and huge administrative fines: up to 2% of the annual worldwide turnover (that would have meant 1.2 Billion $ for Microsoft in 2008 !). Indeed that'(TM)s "the necessary 'teeth' so the rules can be enforced".