To me, the 'ability' to access such data, is already there and being used for years. We cannot hide anything that requires 'transmission' or storage. Now it seems to be 'legal', for security agents etc. to use the information.
The Apple phone of a US mass murderer was; thrown into the public domain and a row ensued, over Apple being forced to unlock the guys phone. Then things went quiet and later reveled, they got the data they wanted after all.
Even the so called dark web, is not immune to to those who wish to gain access to information there.
My issue is; 'who becomes the enemy of the state?' What grounds can such laws be implemented or used?
Example: Someone who is anti-fracking and joins a protest group against the practice, or even just attends a march. Will these people have there data examined? Of course they will, because it is government policy to support fracking, thus they a fighting the government and can legally have all of there 'history' examined. Then, anything, can be used against them, even if totally unrelated to their 'anti-fracking' activities.
This law is open to abuse; especially by government bodies. What is perfectly legal and acceptable today, can change, simply due to the political winds of change.
At the same time: If you keep your actions clean and above board, there is a good chance, that you have nothing to worry about.