The Impact Of CCPA Compliance On Data Privacy Sector

In the year 2017, one of the credit monitoring companies from America was hit by a devastating data breach that enabled hackers an access to the social security numbers of around 143 million Americans. This was an incident that reminded companies about the risk of data breaches. And not just this but many more cyberattacks happening all around the world made customers stand up for control over their data.

To respond to this, California stood up with the California Consumer Privacy Act (CCPA) for all the American consumers. It in fact tightened the privacy compliance in a way that every company falls into at least on the groups mentioned below -

• Companies having 50% of annual revenue generated through selling the personal information of consumers.

• Companies that hold personal information of more than 50,000 households, devices or consumers.

• Companies that bring more than $25 million gross annual revenue.

Every organization that falls under one of the outlined descriptions, needs to follow CCPA regulations. And if you don't comply with this law, you will risk incurring fines from the California state government. Other than fine, you may also be left open for legal action from consumers.

Data Protection

After California Consumer Privacy Act (CCPA) regulations came into effect, organizations started understanding its impact and import. All the companies that were into collection, processing and purchase of data from California residents, had to follow the critical guidelines by CCPA.

And while the residents and companies of California were becoming accustomed to CCPA, the European Union companies were also accommodating with the rules set by General Data Protection Regulation (GDPR). Both of these sets of regulations involved data protection.

CCPA’s Impact on Businesses

Regulations for CCPA are going to have a significant impact on the businesses’ privacy initiatives that are set across all sectors of technology, media and entertainment, TMT industries etc. Henceforth the rising tide of privacy concerns and needs between consumers and legislatures on a global level are driving data privacy mobilization.

California privacy rights act allows California residents with the ability to control the way in which businesses process their personal information. All the requests from California residents are being honored by the businesses along with specific requirement considerations under CCPA regulations.