In a move that could cost the EU up to 1.3 percent of its gross domestic product, according to the American Chamber of Commerce to the European Union, on Oct. 6 the European Court of Justice invalidated the 15-year old EU-US Safe Harbor Agreement in Schrems v. Data Protection Commissioner, causing some consternation among the more than 5,000 European and U.S. firms that rely on the Agreement to transfer EU data to U.S. servers.