When Europe’s top court ruled last month the Privacy Shield was not fit for purpose and had to be scrapped immediately, companies were left scratching their heads as to what they could do to ensure data transferred between the European Union and the United States complied with the EU’s stringent data protection law.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...