“Since the [EU US Privacy Shield] Framework’s implementation on August 1, 2016, more than 5,000 companies have made public and legally enforceable pledges to protect data transferred from the EU in accordance with the Privacy Shield Principles. The rapid and continued growth of the program demonstrates Privacy Shield’s vital role in protecting personal data and contributing to the $7.1 trillion economic relationship between the United States and Europe.”

“EU and U.S. officials both stressed the need for strong and credible enforcement of privacy rules to protect our citizens and ensure trust in the digital economy. As provided for in the Framework, the Department of Commerce will revoke the certification of companies that do not comply with Privacy Shield’s vigorous data protection requirements.”

—U.S. Secretary of Commerce Wilbur Ross and EU Commissioner for Justice, Consumers, and Gender Equality Věra Jourová.

The press statement will be followed by a report on the functioning of privacy shield.

Read the full release.

[View source.]