All those privacy updates seems to mention something called as GDPR (General Data Protection Regulation). GDPR is a law that aims :
to hold businesses and organizations accountable for how they collect and handle personal data — your data
This new law takes effect on May 25th 2018, It is a European law but would effect the whole world. The law will make sure that Policies and Terms of Service are easier to understand. So next time you read a TOS, you will actually understand it. Also, GDPR brings in Data Portability.
You may read more about GDPR in this wonderful article by Mozilla. Or you may just skip it and understand that GDPR is a new data protection law, giving users more right over their own data and making organizations more accountable for the data they collect. This wont be applicable to Indian IT firms unless it provides services in EU also.
By the way, GDPR’s accountability wont come under consideration if you do not read what data a Internet service company collects about you.