SCHREMS 2.0 – the demise of Standard Contractual Clauses and Privacy Shield?
On July 9th, Europe’s highest court – the Court of Justice of the European Union (CJEU) – is set to hear a case concerning the validity of two key data transfer mechanisms: Standard Contractual Clauses (SCCs) and Privacy Shield – mechanisms widely used by businesses within the European Economic Area (EEA) to legitimise the transfer of personal data to countries outside the EEA.
There is a significant risk the CJEU will declare these transfer mechanisms as invalid. If this happens, many organisations will be left without any practical solution to legitimise the international transfer of personal data outside the EEA and exposure to the threat of GDPR revenue based fines, regulatory sanctions including injunctions and third party claims for compensation.
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