For today’s businesses data privacy is already a big headache, and with modern privacy laws expanding to more of the world’s population, regulatory compliance is on track to become a more complicated, high-stakes process touching on every aspect of an organization. In fact, Gartner predicts that by 2024, 75% of the Global Population will have its personal data covered under privacy regulations.
Tightening data privacy regulations around the world
The EU’s General Data Privacy Regulation (GDPR) was not the first privacy law in the world. Still, it was undoubtedly the first significant shakeup in privacy legislation with a far-reaching impact on organizations globally. Following its implementation, several U.S. states have started implementing similar privacy laws. This legislation includes;
- Virginia Consumer Data Protection Act (VCDPA), effective January 1st, 2023
- California Privacy Rights Act (CPRA), effective January 1st, 2023
- Utah Consumer Privacy Act (UCPA), effective December 31st, 2023
- Connecticut Data Privacy Act (CDPA), effective July 1st, 2023
- Colorado Privacy Act (CPA), effective July 1st, 2023
Australia has already begun tightening its data privacy and cybersecurity laws. For instance, the country’s proposed fines are higher than the EU’s penalty of €20 million (approximately USD $20 million) or 4% of annual global turnover under the GDPR. With these and other state or country-based privacy legislation being implemented, it’s prime time to think about your organization’s compliance obligations under these laws.
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