Privacy Shield Version 2 Announced
On the 25th March 202 President Biden and European Commission President Von der Leyen announced the U.S. and EU have reached an agreement on a new enhanced version of Privacy Shield.
In a press conference from Brussels, President Biden said, "Today we have agreed to unprecedented protections for data privacy and security for our citizens. This new arrangement will enhance the Privacy Shield framework, promote growth and innovation in Europe and in the United States and help companies, both small and large, compete in the digital economy." He added, "This framework underscores our shared commitment to privacy, data protection, and the rule of law. And it's going to allow the European Commission to once again authorize trans-Atlantic data flows that facilitate $7.3 trillion in economic relationships with the EU.".
President Von der Leyen said both sides "Found an agreement in principle for a new framework for trans-Atlantic data flows. This will enable predictable and trustworthy data flows between the EU and US, safeguarding privacy and civil liberties."
Privacy Trust will release more information on the requirements and process for the new enhanced version of Privacy Shield when it becomes available.