US, EU warn 'consequences could be enormous' if there is no data protection deal by the end of the month

The top US and European trade groups have warned their leaders of enormous fallout for businesses and customers if the two sides fail to reach a new deal on data transfers by end January.

http://www.businessinsider.com/afp-us-eu-warned-of-fallout-if-no-data-protection-deal-by-january-31-2016-1