PRESS RELEASE: New EU-US Data Privacy Framework is vital for startups and a key milestone for Transatlantic Relations
[Brussels, 11 July 2023, contact: firstname.lastname@example.org] The European Commission’s adoption of its adequacy agreement for EU-US personal data is a milestone decision. It is a crucial step towards an adequacy regime that will provide significant benefits for startups by enabling free and secure data flows across the Atlantic.
The invalidation of the Privacy Shield in July 2020 presented a challenging scenario for the companies that relied on it, in particular startups, who were forced to employ complex data transfer mechanisms with very limited resources. Startups encountered difficulties navigating an uncertain legal landscape, requiring them to instead use standard contractual clauses (SCCs) to transfer data.
Speaking of the agreement, Melissa Blaustein, CEO and Founder of Allied for Startups, stated: “The decision reached by the EU on the data transfer agreement represents an enormous step forward not just for transatlantic relations, but for transatlantic startups. A clear, future-proof, and balanced data privacy framework between the EU and the US is vital for doing business on both sides of the Atlantic and represents over seven trillion dollars in commerce.“
Looking ahead, Blaustein emphasised, “It is key that this new transatlantic agreement on personal data transfers strikes the appropriate balance between supporting innovation and preserving every citizen’s fundamental right to personal data protection.“
Allied for Startups and its Members will continue to advocate for global data flows that protect privacy and enable startups to innovate. Promoting secure, future-proof and reliable data transfers frameworks that work for startups.
Allied for Startups is a global network of over 40 advocacy organisations dedicated to amplifying the voices of startups in government. Our mission is to improve the policy environment for entrepreneurs with the support they need to thrive. For more information about Allied for Startups and our network, visit our website at www.alliedforstartups.org.