Recent and imminent changes to the regulation of transatlantic data transfers are making it difficult for businesses to navigate this uncertain landscape, according to research from the International Association of Privacy Professionals (IAPP).
There is scepticism surrounding the Privacy Shield agreement that was brought in following the declaration by the European Court of Justice that the Safe Harbour agreement was invalid. The report showed that 80% of companies are currently relying on standard contractual clauses to see them through the transition period, but these are also to be reviewed by the court.
Digitally delivered services are a huge source of revenue for both the US and the EU, and are heavily dependent on transfers across the Atlantic. The report said services, such as online IT consulting, could be threatened by the uncertainly surrounding transatlantic data traffic.
IAPP president and CEO Trevor Hughes suggested that employing specialist staff could help businesses to weather the storm. He said: “Clearly organisations face an extremely complex regulatory landscape as they look to build their businesses for the digital future.
“It will be vital for them to employ privacy professionals at the highest levels of management to help navigate that landscape and capitalise on opportunity.”