WASHINGTON, D.C.- March 25, 2022 –Interactive Advertising Bureau (IAB) Executive Vice President of Public Policy Lartease Tiffith released the following statement praising an announcement by President Joe Biden and European Commission President Ursula von der Leyen that the two governments have agreed on a new Privacy Shield Framework to allow cross-border data flows, supporting $7.2 trillion in economic activity:
“Commerce, jobs and economic growth on both sides of the Atlantic depend on efficient, secure exchanges of information between the United States and Europe. Clarifying rules for international data transfers will provide greater certainty not only for established companies, but also for small- and medium-sized businesses that are increasingly global because of the internet’s power to break down geographic barriers. Of the 5400 American companies that joined the EU-US Privacy Shield, 70 percent of them are smaller firms. These thousands of small and medium-size businesses relied most heavily on the Privacy Shield to be able to transfer data from the EU to US and to serve and compete for new customers. The announcement today means that soon these SMBs will no longer have to wait in limbo for a solution. IAB commends the US and EU negotiators who have worked diligently for nearly two years to reach an agreement in principle. We and our members stand ready to help the EU and US to finalize and implement the enhanced framework.”
About IAB
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.
IAB Media Contacts
Kate Tumino / Brittany Tibaldi
212-896-1252 / 347-487-6794
ktumino@kcsa.com/ btibaldi@kcsa.com
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Source: IAB