The regulation currently being discussed in the context of the future European General Data Protection Regulation, whereby a maximum fine of 2% of a company's annual turnover is provided for, would, on the other hand, enable violations of data protection laws to be punished in a manner that would be felt economically.

ENGADGET: Google fined $190,000 in Germany for illegal WiFi snooping with Street View cars

Last week , the EU agreed to water down proposals for a radical overhaul of data privacy regulation.

CNN: Facebook reveals secrets you haven't shared

The European Commission can dole out multibillion dollar fines to Microsoft and Intel because it centralizes antitrust regulation, but it leaves data protection and privacy regulation to EU member states.

FORBES: Euro Regulators Probe Sony Data Breach