There’s no denying it. Big data, and the resulting applications and technology have not only made consumers’ lives easier, but have also created new revenue streams for enterprises across all sectors. That said, the explosion of data has also created concerns around data privacy and cyber security, and has gotten the attention of regulators. The result has been new laws on the books like the California Consumer Protection Act of 2018, known as the CCPA.
A new report from Io-Tahoe explores the new law in detail, and offers six steps to getting ready for the CCPA, which will go into effect Jan. 1, 2020.
The law is a result of the growing concern about the need to manage and protect an individual’s personal data. Many other countries have already put laws into place to tackle this challenge, albeit the U.S. still doesn’t have any laws on the books regarding data privacy at a federal level, according to the report.
That said, Io-Tahoe warned in the report that although this is one of the first laws of its kind at a state level, it is “certainly not the last.” And companies should be safeguarding by exploring the ins and outs of the new CCPA before it goes into effect on the first of the year.
Within the past few years, there has been growing concern about the need to manage and protect an individual’s personal data.
Specifically, the CCPA specifies steep penalties for unauthorized exposure of personal information. The report outlines that intentional violations of the CCPA are fined at $7,500 per capita, while those lacking intent are subject to a maximum of $2,500 per violation.
“However, realize that violations are likely to be associated with selling large numbers of protected records, or mass exposure due to security breaches. In these cases, cumulative penalties can add up to millions,” the report explains.
In the report, Io-Tahoe presents some suggestions for ensuring that your organization is prepared for implementing auditable and reportable compliance with the CCPA.
These include the following, which are outlined fully in the report:
- Know the Scope: The CCPA “Bill of Rights”
- Recognize the Complexity: It’s More Than Just an Opt-Out Page
- Understand Data Sensitivity: The Insidious Pervasiveness of “Personal Information”
- Automate Continual Learning: It’s a Moving Target
- Carry That Weight: Data Sharing and Managing Data Obligations
- To Serve and Protect: Guarding Against Unauthorized Exfiltration
Raising awareness of some of the complexities of compliance will help socialize strategic approaches to reinforcing the enterprise infrastructure and prepare for the coming deluge of privacy regulations as other countries and U.S. states fall into line, Io-Tahoe asserts.
Download the new report, “6 Steps: Getting Ready for CCPA,” courtesy of Io-Tahoe, to learn more about today’s new data privacy regulations to better protect your enterprise.
