Submission + - The end for Safe Harbor? EU-US trade deal fails on data transfer agreement (cbronline.com)
A deadline for the end of January had been set for a revised Safe Harbour agreement back in October, meaning that three months has gone by without the deadlock being broken.
An agreement is seen as necessary to avoid disruption to the transatlantic digital economy and to help ensure the continuity of service for US and EU companies.
The failure to reach an agreement will likely have on-going ramifications for transatlantic business. Phil Lee, data protection partner, at EU law firm Fieldfisher, said: "The disruption to transatlantic business is absolutely enormous. If you're a US supplier trying to sell into Europe, the tone coming from European customers now is very much one of 'Why should we trust you with our data?'
"Only those suppliers that agree to export data under the EU's Standard Contractual Clauses will have any success in closing commercial deals."