EU Court of Justice invalidates EU-US Privacy Shield

I heard this on the radio, so I don't have my original source right now, but here's some search results that seem to be explaining adequately what is going on:
https://clsbluesky.law.columbia.edu/...rivacy-shield/
https://www.cockroachlabs.com/blog/p...ta-compliance/
https://dataprivacymanager.net/the-e...rivacy-shield/
https://www.perkinscoie.com/en/news-...cy-shield.html
Quote:

On July 16, 2020, the European Court of Justice got rid of the four-year-old Privacy Shield agreement struck between the U.S. and the EU that had exposed Europeans to possible U.S. surveillance. The agreement had also allowed U.S. companies like Facebook and Google to store data about European residents outside of the region.

The EU takes its citizens privacy & data protection seriously.