Under new rules, companies in Europe that experience significant data breaches could face fines of up to five percent of their global turnover.

"Firms found to have mishandled data may fall foul of data breach notification rules that are due to be updated next month, according to leaked documents seen by the Financial Times," writes ZDNet's Tom Espiner.

"The European Commission is considering the large increase in data breach fines, but the new rules have not yet been finalised, Commission justice spokesman Matthew Newman told ZDNet UK on Tuesday," Espiner writes.

Go to "Firms may face five percent fines for data loss" to read the details.

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