After a three year impasse over the transatlantic transfer of Europeans\u2019 personal information, the EU and the US have come to a new agreement that will restore the open exchange of consumer data. It\u2019s a welcome change for the ad industry.<\/p>\n
The EU and the US Monday reached an agreement on cross-border data transfers, bringing an end to a three-year stalemate over the issue. The decision restores the free flow of consumer data between the two jurisdictions \u2013 an exchange that supports much of the information economy and amounts to billions of dollars in trade. Transatlantic data transfers had been hamstrung by a 2020 decision by the EU\u2019s highest court, the Court of Justice of the European Union, over concerns about US intelligence agencies\u2019 access to Europeans\u2019 data.<\/p>\n
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\u201cThe new adequacy decision and EU-US Privacy Framework is good news for advertisers and the broader ecosystem that have eagerly awaited a solution amidst the uncertainty surrounding transatlantic data flows,\u201d says Arielle Garcia, chief privacy officer at IPG-owned ad agency UM Worldwide. It\u2019s particularly promising in light of the EU\u2019s May decision to fine Facebook and Instagram parent Meta with a whopping $1.3bn fine over unlawful data transfers to the US.<\/p>\n