Law360, New York (October 13, 2015, 5:15 PM EDT) -- Shock waves are reverberating throughout the global business community after the Oct. 6 ruling of the European Court of Justice finding invalid the European Commission's decision on the adequacy of the U.S.-EU safe harbor framework. Since the framework went into effect 15 years ago, over 4,000 U.S. companies have relied on safe harbor to transfer data out of the EU. The recent ECJ ruling has potentially devastating trade implications for both multinational companies and businesses that rely on cloud services. While the ruling's full ramifications are being widely debated, there are immediate and practical steps that companies can take in the management of personal information that will allow companies to react quickly to changing laws in the global privacy space....