Compliance with the EU's "cookie law" could cost the UK economy as much as £10 billion if implemented incorrectly, according to a "worst case scenario" report by customer data platform QuBit.
The EU Privacy and Electronic Communications Directive was modified in November 2009 to include an effort to regulate online cookies and local browser storage. According to the previous law, websites had to allow people to opt-out of cookies. However, the European Parliament decided that users should be asked to opt in before cookies are placed on their computers. The UK then imported the same wording of the directive into UK law in May 2011, but gave UK websites one year to comply with the law. The deadline for compliance with the law is 26 May 2012.
According to a report by KPMG released last week, as many as 95 percent of major UK organisations are not in compliance with the cookie-related requirements of the EU Directive. Those that aren't compliant from 26 May could face fines of as much as £500,000.
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