President of the European Parliament Antonio Tajani (L) welcomes Facebook chief Mark Zuckerberg (R) prior to a 2018 meeting about the use of personal data of Facebook EU users. Now, the failure of the Privacy Shield framework introduces new concerns among U.S. companies about handling of data about European citizens. (Thierry Monasse/Corbis via Getty Images)

With no common framework in place defining how to protect personal information across the Atlantic, U.S. companies may be forced to invest in new technology to silo data about European customers.

The U.S. Commerce Department and the European Commissioner of Justice pledged last week to hammer out a new standard to replace the Privacy Shield, which a European court invalidated last month with no grace period for compliance. In a joint statement, Commerce Secretary Wilbur Ross and Justice Commission Didier Reynders acknowledged "the vital importance of data protection and the significance of cross-border data transfers to our citizens and economies."

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