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Why should you care how Europe protects its cloud computing data? If you live in Europe then the answer is obvious. If you don't live in Europe the answer should still concern you for a few reasons.
Where Europe Goes So Goes the Rest of the World
In a world where nations are increasingly concerned about data privacy and security, especially due to the seemingly ongoing revelations by Edward Snowden about NSA spying, it is a matter of time before nations begin to develop standards (even laws) about how their data should be handled.
Europe, perhaps, has more reasons than other countries to develop cloud standards for the protection of European data. In fact, there is reason to believe that Europe may be far down the path towards developing a framework for cloud privacy and security; something few countries have successfully completed, even the United States.
Data Tends to be Nationalistic
Data is intellectual property. Nations tend to protect their valuable industries. This will never change. Data, therefore, despite the cloud and its ability to spread data all over the world, should be protected by nations and should offer users the ability to determine where their data is and who is accessing it. Data protection is a legitimate function of any government and Europe is interested in seeing these philosophies become a reality.