United States and EU officials have reached an agreement regarding new data protection standards for U.S. firms processing European citizens’ information. This new agreement, titled the EU-U.S. Privacy Shield, serves as a replacement for the disbanded Safe Harbor framework.
The new agreement outlines requirements for international companies processing European citizens’ data, as well as ramifications for any potential data privacy issues. The new policy requires the Federal Trade Commission and EU data protection authorities work together to monitor U.S. firms’ acquisition of European citizens’ data.
A document with concrete details regarding U.S. firms processing this data should be available either at the end of February or beginning of March. Until then, there will not be any restrictions regarding U.S. firms processing European data.