Businesses are beginning to inform investors about potential financial repercussions stemming from the invalidation of the EU-US Privacy Shield. QVC and ViacomCBS are among the companies that have included the current data transfer landscape as a risk factor in their notices to investors, citing the lack of guidance on transfers post–Privacy Shield and a viable alternative transfer mechanism. WireWheel CEO Justin Antonipillai said this type of notice on Privacy Shield and privacy matters, in general, "will become a standard disclosure."
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