Meta may be forced to shutter Facebook, Instagram in EU2022-02-07 18:25 by DanielaTags: Meta, Facebook, Instagram
Facebook parent company Meta has warned that it may have to withdraw products and services, including Facebook and Instagram, from Europe if it's prevented from transferring data from the EU to the US due to the lack of an international agreement. The claim from Mark Zuckerberg's company came as officials in the European Union and US attempt to craft a new trans-Atlantic data transfer agreement. The EU's Court of Justice struck down a previous agreement, dubbed Privacy Shield, in 2020, due to concerns it could not ensure data security for Europeans once it is sent to the US. At this point, the statement is probably less of a threat and more an acknowledgment of the regulatory headwinds that the American company faces in the European Union. The Securities and Exchange Commission (SEC) requires publicly traded companies to disclose issues that may affect profits and losses, and few things are more profitable for Facebook than user data. A Facebook spokesperson said that "We have absolutely no desire and no plans to withdraw from Europe, but the simple reality is that Meta, and many other businesses, organizations and services, rely on data transfers between the EU and the US in order to operate global services." "Fundamentally, businesses need clear, global rules to protect transatlantic data flows over the long term, and like more than 70 other companies across a wide range of industries, we are closely monitoring the potential impact on our European operations as these developments progress." Read more -here-
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