As the EU compliance grace period ends this month, new research amongst companies who previously relied on the Safe Harbor framework shows that three-quarters (78%) are holding out for a new Safe Harbor 2.0, but many are hedging their bets and looking to a combination of solutions to ensure EU data transfer compliance in 2016. With limited time and budget and increased regulatory scrutiny as major concerns, TRUSTe announced today a new EU Data Transfer Privacy Assessment solution that provides a flexible approach to the changing compliance requirements ahead.
TRUSTe conducted research between December 15-29 2015 with 248 US companies that had used Safe Harbor prior to the European Court of Justice (CJEU) ruling on October 6. Three-quarters (78%) of companies are continuing with Safe Harbor and preparing for the announcement of Safe Harbor 2.0. Half (53%) of these companies are also now using or preparing to use Model Contract Clauses. A quarter (24%) are now considering localized data centers in the EU and 4% are looking to scale back their EU investment. Limited time and resources (72%), limited budget (56%) and an unclear or unwieldy assessment process (57%) are the major concerns around managing EU data transfers. Compliance is a high priority with 87% thinking there will be increased regulatory scrutiny should a new Safe Harbor 2.0 framework be introduced.
The new TRUSTe EU Data Transfer Privacy Assessment privacy solution uses both TRUSTe’s team of privacy experts and the SaaS-based TRUSTe Assessment Manager to help companies quickly and efficiently assess compliance versus any combination of Safe Harbor and Model Contract Clauses they select. Assessment Manager helps automate the review process providing an easy path across the different standards, enabling companies to move from Safe Harbor 1.0 to Model Contract Clauses and / or Safe Harbor 2.0 and produce a compliance report to support their work.
For further details see EU Data Transfer Privacy Assessment Solution and for pricing call 1-888-878-7830.