Happy New Year everyone and welcome back to another post from ToBeSecured. As you all know, New Years fell on a Wednesday which resulted in me not posting to the blog. If you haven't already, make a list of goals, write them down, and conquer them. As I stated in my video on yesterday via Cyber Tuesday's, 2020 is about prosperity and manifesting our greatness. This year, we aren't creating excuses of why we can't accomplish our goals, start a business, or be successful in life. If you start planning now, you'll be one step closer to gaining everything you want this year.
Along with other news, the CCPA or the California Consumer Privacy Act is now being put into place and many companies are in shambles about how soon these laws will be in effect. This law will give consumers the right to see the personal information that companies collect about them and stop them from selling it.
In addition to that, it has been noted that millions of dollars could be spent on putting these laws into place and making privacy a first priority nowadays. This is great news and I am excited about how the consumers are finally being put first in determining how we want our information to be collected, used, and shared.
Even though the new requirements are causing a widespread of anxiety among businesses that handle consumer data, they still have a few months until the laws will officially be in effect. The state's attorney general is still working out some final rules and isn't expected to be in effect until July.
If you've been wondering why you are receiving emails or have in the past about updates to privacy policies from certain businesses, here's your answer. Obviously, businesses of the state of California will have to prepare for what is to come as it relates to privacy laws, but this will affect even the users in other states whose data is being collected as well. And in addition to that, states are falling in line with California to implement privacy laws as well, hopefully resulting in a nation-state change.
Some companies have already been adapting to stricter privacy rules elsewhere, such as the European Union’s General Data Protection Regulation, or GDPR. The laws aren't identical, but some of the preparation is transferable. The CCPA only applies to companies that generate more than $25 million in annual revenue, handle personal data of about 50,000 people or devices, or earn more than half their revenue from selling personal information.
Here's a top-level summary of some of its basic tenets:
Businesses must disclose what information they collect, what business purpose they do so for and any third parties with whom they share that data.
Businesses will be required to comply with official consumer requests to delete that data.
Consumers can opt out of their data being sold, and businesses can’t retaliate by changing the price or level of service.
Businesses can, however, offer “financial incentives” for being allowed to collect data.
Many companies are experiencing significant privacy rules for the first time, and some seem prepared to test the limits. Even companies that could handle the law independently may be tempted to pay for outside help. Adapting to the CCPA will be difficult, but as the establishment of GDPR in Europe has shown, it's far from impossible, and, at any rate, the former's requirements are considerably less stringent. Still, if your company isn't already working on getting in compliance, better get started. Some will gain and some will lose; some will do both.
What are your thoughts on this topic? Does it matter if you can control the way your data circulates the world, is collected, stored, and sold? Subscribe to my blog if you haven't already and follow my Instagram - ToBeSecured for CyberTuesday vlogs. I will be launching my YouTube channel soon so be on the lookout for that as well. Thank you for tuning in and remember ToBeSecured!
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