PRIVACY SHIELD IS DEAD: WHAT DOES THIS MEAN FOR USA AND EU/UK BUSINESS?

On July 16th 2020 the European Court of Justice passed a significant judgment: it struck down the EU-US Privacy Shield, removing a key method for lawful transfers of personal data from the EU (and the UK) to the USA.

What does this mean for all organizations?

You could be in breach of the Data Protection Regulations around the world and subject to an immediate fine of up to €20 million ($22 million) or 4% of global annual turnover (whichever is higher).

You may be forced to  SUSPEND or CEASE  business with those 3rd parties to and from whom you transfer personal data.