EU aims for data transfer deal with Japan and South Korea
The European Union hopes to seal commercial data transfer deals with Japan and South Korea to boost business ties, and plans to tackle barriers to the free flow of data within the bloc.
Cross-border data flows are key to most businesses. These can include moving employee information around, credit card details to complete online transactions, and people's browsing habits to serve them targeted ads. However, strict EU data protection rules forbid companies from storing European's information on servers in countries deemed to have an inadequate level of privacy.
A data transfer deal with Japan and South Korea would allow firms doing business there and in the EU to move data seamlessly without having to ask regulators for permission or setting up expensive legal contracts.