The European Union’s top court ruled that an agreement that allows thousands of companies — from tech giants to small financial firms — to transfer data to the United States is invalid because the American government can snoop on people’s data, according to an AP News report. The ruling could impact how companies transfer European users’ data to the United States and other countries, such as the U.K, and could require regulators to vet any new data transfers to make sure Europeans’ personal information remains protected according to the EU’s stringent standards, says AP News.
In a ground-breaking opinion issued today, the Court of Justice of the European Union invalidated the EU-US Privacy Shield Decision as a method for transferring personal data from the EU to the US. In short, the Decision was invalidated over Privacy Shield’s failure to adequately address US government surveillance activities.
Last week’s vote supporting the United Kingdom’s departure from the European Union (Brexit) is expected to have many transcending effects for Europe and beyond, such as weakening the European Union and other multi-national political, economic, and security institutions.
Resisting a move to plastic money, Euro banknotes will remain paper as the European Central Bank chooses to fight counterfeiting with new security measures, according to Reuters. The ECF also has no plans to eliminate the 500-euro notes favored by some criminals.
European businesses that provide critical infrastructure services, including banks, stock exchanges, telecommunications firms and utilities, may soon be required to disclose any data breaches to authorities.