California’s New Consumer Privacy Law Turns Compliance into a Boomtown
The California Consumer Privacy Act (CCPA) which became law on January 1st – but which won’t start being actively enforced until sometime in July – requires companies which generate $25 million in annual revenue, handle personal information of more than 50,000 people or devices, or earn more than half their revenue from selling personal information to inform customers what data they are collecting and selling, and as well give customers the option to have any sale of that data cease.
But with these oncoming regulations comes opportunities to turn compliance into a whole new marketplace.
From The Los Angeles Times:
“[T]he new requirements are already causing widespread anxiety among many businesses that handle consumer data.
A wave of start-ups, law firms and consultants is looking to take advantage of that anxiety — and to capture some of the $55 billion companies are expected to spend on initial compliance with the law. Bart Willemsen, an analyst at Gartner who advises clients on compliance, has identified over 200 companies pitching products to help companies adhere to privacy rules. None of them actually offers a comprehensive solution. “There’s no single silver bullet,” he said.”
Additionally, several other states in the U.S. and many other countries are discussing or preparing to implement their own privacy laws; some which may be more restrictive – or might inherently contradict – the CCPA. This will create a multitude of pitfalls for many companies to try and navigate, but will as well create a market for those who can offer solutions.
We will continue to update with new information on the CCPA and its impact as events warrant.
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