US and EU Reach Preliminary Deal to Continue Data Flows – PYMNTS.com

U.S. President Joe Biden and European Commission President Ursula von der Leyen announced on Friday (March 25) that the U.S. and the European Union have reached a preliminary agreement that would allow digital data transfers between the two regions.

“I am very pleased that we have found an agreement in principle on a new framework for transatlantic data flows. This will enable predictable and trustworthy data flows between the EU and US, safeguarding privacy and civil liberties. We manage to balance security and the right to privacy and data protection,” von der Leyen said.

This agreement, if finally approved, will represent a huge relief for U.S. tech companies that could otherwise see data flow between Europe and U.S. stopped.

This is because an earlier agreement regulating trans-Atlantic data flows was considered illegal by the European Court of Justice in 2020. In its ruling, the EU court deemed the U.S. safeguards of Europeans’ data to be insufficient. Under EU law,…

Read Full Story: https://www.pymnts.com/data/2022/us-and-eu-reach-preliminary-deal-to-continue-data-flows/

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