WASHINGTON, DC – The Interactive Advertising Bureau’s Executive Vice President for Public Policy, Lartease Tiffith, issued the following statement after the European Union fined Facebook parent company Meta $1.3 billion for transferring EU residents’ personal information to the United States. The Irish Data Protection Commission (DPC) levied the fine and ordered Meta to stop transatlantic data transfers by October:
“This decision has consequences for every American company transferring data from EU markets to the U.S. and underscores the need for a new transatlantic data agreement that enables continued commerce between our two important trading blocs. Transatlantic data flows support an estimated $7.1 trillion in EU-U.S. trade – a trillion dollars annually. Since EU courts struck down a previous agreement, American businesses of all sizes have been relying on standard contractual clauses (SCCs), however the Irish DPC has practically eliminated this measure of legal protection too, injecting further uncertainty into a vital economic relationship. IAB and other leading industry associations are urging EU leaders to swiftly approve President Biden’s solution, which we believe satisfies the United States’ and EU’s high standards for international data privacy and security and would help small and medium-sized businesses, especially, to prosper.”
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
[email protected]/ [email protected]