PALO ALTO, Calif.--(BUSINESS WIRE)--Science Exchange today announced that it is the first and only R&D outsourcing platform to receive EU-U.S. Privacy Shield Framework certification from the U.S. Department of Commerce. This certification demonstrates the company’s commitment to the protection and privacy of sensitive data shared by its customers and scientific service providers on the Science Exchange platform.
Designed by the U.S. Department of Commerce, the European Commission and Swiss Administration, the EU-US Privacy Shield Framework provides companies with a method to conform to data protection requirements when transferring personal data from the European Union and Switzerland to the United States in support of transatlantic business. This new framework replaces the EU-U.S. Safe Harbor program.
“The privacy and security of data for scientific research is a top priority for our customers and service providers, and we saw this certification as an important step for Science Exchange, especially in light of recent cyberattacks that affected companies across the healthcare and biopharma industries,” said Elizabeth Iorns, Ph.D., co-founder and CEO of Science Exchange. “The thousands of companies that use the Science Exchange platform can be assured that we are committed to the protection of the personal and scientific data entrusted to us.”
To receive EU-U.S. Privacy Shield Framework certification, companies must commit to a range of data management requirements, including that they will:
- Inform individuals about how their data is processed
- Maintain data integrity and purpose limitation
- Ensure accountability for data transferred to third parties
- Review and certify that all requirements are met on an annual basis
In addition to being the only R&D outsourcing platform with EU-U.S. Privacy Shield Framework certification, Science Exchange is SOC 2 compliant, which validates that the company meets standardized criteria for managing data privacy and security – a certification that is increasingly required by regulators and auditors. Science Exchange is also ISO 9001 certified, which recognizes that the company adheres to strict quality management principles and maintains a consistent quality assurance program.
For more details about the EU-U.S. Privacy Shield Framework, the certification process, or to view a list of participating companies, visit www.privacyshield.gov.
About Science Exchange
Science Exchange is the world's leading platform for outsourced research, providing an efficient procure-to-pay platform for ordering services from a network of more than 2,500 qualified scientific service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. The platform increases scientists' access to innovation and improves productivity, freeing them up from the administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. Additionally, the Science Exchange enterprise program enables organizations to consolidate research R&D outsourcing spend into a single strategic relationship, driving efficiency and cost savings. Since being founded in 2011, Science Exchange has raised more than $58 million from Norwest Venture Partners, Maverick Capital Ventures, Union Square Ventures, Collaborative Fund, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit www.ScienceExchange.com; follow the company on Twitter @ScienceExchange.