From Safe Harbor to Privacy Shield: the Future of transatlantic Data Transfer and its Implications

On October 6, 2015 the European Court of Justice sent shockwaves through the transatlantic digital economy, invalidating the Safe Harbor Agreement between the European Union and the United States. The agreement made possible the transfer of data of EU citizens to the United States. Over 5500 US companies, ranging from global tech companies such as Google, Facebook or Microsoft to e-commerce businesses and small startups, use the Safe Harbor agreement to do business in the EU.