What would this mean?

It means that the people deciding data privacy would have privacy on their decisions. Regulations for privacy should be done in the open to give the public a better shot at spotting loopholes, either intentional or otherwise. Since big tech lobbyists already have the fast track to these legislators, it means they effectively get to write their own regulations (basically already happening, this would actually codify it).

I know this is specific to Ireland, but my (American) assumptions on this likely hold true anywhere lobbying by companies is allowed and is effectively (thinly) veiled bribery.