The Schrems II decision will have a great impact on international commerce among companies doing business with the European Union (EU). The consequence of not paying attention to Schrems II could literally mean a partial or complete shut-down of data transfers between EU and non-EU countries, which could impact the bottom line of any global company.
However, the level of the impact depends on the location of the company, the industry vertical it is part of, and the strategic privacy planning that company has done for sustaining compliance with General Data Protection Regulation (GDPR). GDPR requires businesses to protect the personal data and privacy of European Union (EU) citizens, for any transactions that occur within EU member states. GDPR also regulates exportation of personal data outside the EU to some extent. But, there are gaps in its enforcement of transactions flowing outside the EU, which are addressed by the Schrems II ruling.
The purpose of this whitepaper is to demonstrate how a strong and effective access security solution, like Thales SafeNet Trusted Access, can help multinational companies adhere to the recommendations of the European Data Protection Board to ensure lawful data transfers in accordance with the Schrems II ruling.
Read this whitepaper to understand:
- What the Schrems II ruling is and how it can impact your privacy program
- Compliance under GDPR
- How to close gaps within GDPR
