The Interactive Advertising Bureau (IAB) applauds President Biden’s executive order that will create new protections over personal data access and use by intelligence agencies. The President’s executive order kicks off a ratification process for the new agreement in principle the trade partners signed in March, overhauling the US-EU Privacy Shield that the European Court of Justice had struck down. A new data transfer agreement and framework will ensure an estimated $1 trillion of annual transatlantic economic activity can safely continue, said IAB’s Lartease Tiffith, Executive Vice President for Public Policy, who issued the following statement today praising the agreement:
“The Privacy Shield helped more than 5,000 American companies, almost 70 percent of them smaller firms, efficiently transfer data from the EU to the US. These businesses rely on digital data to innovate and grow in a global economy but have been waiting in purgatory for a solution. Today, the Biden Administration has taken a big step forward, announcing stronger protections for data transferred to the US, and setting the stage for a final agreement with our allies. Trade and investment between the EU and US is worth an estimated $7.1 trillion. Data flows are crucial for the mutual development of medical, cybersecurity, and other technologies, as well as media, advertising and consumer goods. With so many disruptions to commerce during the last few years, IAB is excited about this new development to ensure secure cross-border data flows. IAB looks forward to working with the EU and US to fully implement the new agreement.”
— Lartease Tiffith, EVP for Public Policy, IAB
