A report published in the academic journal Marketing Science found investment in European startups declined by 36% since the implementation of the EU General Data Protection Regulation, AdExchanger reports. But investments in European startups focusing on “privacy,” “security” and “data security” increased by 50% following GDPR. The U.S. and other parts of the world saw a slight increase in the average number of investments monthly. “Privacy and security are potential long-term countervailing effects here,” said one of the report’s authors Liad Wagman.