WASHINGTON, D.C. – Interactive Advertising Bureau (IAB) is praising a new EU-U.S. data transfer agreement that would protect an estimated $7.1 trillion of commerce between the major trading blocs.
In a statement today, IAB’s Executive Vice President for Public Policy Lartease Tiffith said the deal is especially important to small- and medium-sized businesses that depended on the former Privacy Shield, which EU courts had struck down in 2000, citing insufficient data privacy protections for EU citizens under U.S. law.
“IAB commends the President and his negotiating team for implementing necessary data privacy changes that protect both EU and U.S. citizens, and ushering an agreement through an arduous EU approval process, which hopefully puts an end to legal uncertainty for thousands of American companies. Ensuring safe, smooth trade and our alliance with EU nations has clearly been a priority for President Biden. We applaud him and his administration for their focus and determination,” said Tiffith.
He added, “Every industry, but especially digital advertising, has a stake in a successful outcome. Although critics are already mounting challenges, we believe this is a much stronger framework than either the Privacy Shield or the ‘safe harbor’ agreement before that, and addresses EU concerns. IAB joined leading industry organizations on both sides of the Atlantic to urge a swift conclusion. Today, on behalf of our members and many more American companies and their customers, we’re very pleased.”
The Interactive Advertising Bureau empowers the media and marketing industries to thrive in the digital economy. Its membership comprises more than 700 leading media companies, brands, agencies, and the technology firms responsible for selling, delivering, and optimizing digital ad marketing campaigns. The trade group fields critical research on interactive advertising, while also educating brands, agencies, and the wider business community on the importance of digital marketing. In affiliation with the IAB Tech Lab, IAB develops technical standards and solutions. IAB is committed to professional development and elevating the knowledge, skills, expertise, and diversity of the workforce across the industry. Through the work of its public policy office in Washington, D.C., the trade association advocates for its members and promotes the value of the interactive advertising industry to legislators and policymakers. Founded in 1996, IAB is headquartered in New York City.