Although this regulation is intended to strengthen and unify data protection and privacy for individuals and is targeted at tech companies and the data ecosystem that most customers don’t even know about or understand, its implementation will have small companies bear a huge fiscal burden. As they all say, with Big Data come big responsibilities.
As such, customers would have the right to request a business to:
- release information the business collected about the consumer to the consumer;
- release information on how the consumer’s personal information was sold or disclosed and to whom; and
- not sell or disclose the consumer’s personal information.
The measure would also allow consumers to sue businesses for security breaches of consumers’ personal information or for other violations of the initiative’s provisions.
Sooner than later, this initiative will be put in place. Understanding it might affect you and preparing for it now will help you diminish costs in the long run and protect your company from any legal infringement.
Call us today for an appointment and let’s plan together.