Science Exchange is a platform for outsourced research, which enables companies to order services from a network of more than 2,500 qualified scientific service providers.
“As an online platform that enables confidential scientific research and the transfer of sensitive, secure data, Science Exchange understands that the security and privacy of the information our customers entrust to us should be our top priority,” Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange told Outsourcing-Pharma.com.
The framework, which was designed by the US Department of Commerce, the European Commission, and Swiss Administration, is a replacement of the EU-U.S. Safe Harbor program and ensures that personal information is properly transferred, secure, and protected from unauthorized use, explained Iorns.
The certification is required for companies doing business in the EU and Switzerland and beginning May 25, 2018, companies not operating within the framework will be subject to fines ranging from 4% of global revenue or €20m ($23.38m) – “whichever is higher,” Iorns said.
The company also has several other certifications in addition to the Privacy Shield Framework, including the SOC 2 Certification.
“This certification demonstrates our ability to meet world-class, complex, standardized criteria for managing data, privacy, and security,” Iorns added. “Increasingly required by regulators and auditors, this level of performance is essential to keep our client data secure.”