Privacy shield rejection highlights need for proactive corporate privacy approach

To anyone familiar with doing business in Europe, it really is no surprise that the European Data Protection Supervisor (EDPS) and the European Commission — Referred to as the Article 29 Working Party (WP29) — rejected the EU/US Privacy Shield data transfer agreement.

Europeans believe personal privacy is a fundamental right of all people, similar to the way people in the United States believe in freedom of speech.

Though no revisions are imminent for the EU/US Privacy Shield, the rejection should signal to companies they must re-think privacy. Across industries ranging from banking and financial services to retail and e-commerce, competitive advantage and market share will be won and lost depending on an organization’s ability to exhibit how they protect customer data,…

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