Are the Firms Ready for CCPA?
Posted by Legalease Solutions on 12 Sep, 2019
ARE YOU PREPARED FOR CCPA?
California is the world’s fifth largest economy with nearly 12% of the US population as its residents. Therefore, there is no doubt that every business with interstate operations in the country is keeping an ear to the ground hoping to find every update on the California Consumer Privacy Act (CCPA).
Even though the CCPA is a state legislation it has a wide impact on businesses in the country like the General Data Protection Regulation (GDPR). While the GDPR, which primarily unifies data privacy laws across Europe, is legally binding on U.S. businesses that have global operations, international sites or remote workers due its extra-territorial applicability, the CCPA wields a heavy impact on the country for the reason that California residents make for a large customer base for most businesses in the country. This gives rise to a pressing need for organizations to ensure they are CCPA compliant.
FOUR MAJOR DIFFERENCES IN GDPR AND CCPA
How Are the Firms Faring So Far?
According to the Cost of Continuous Compliance, a study by DataGrail 93% of the firms surveyed have begun to prepare for the CCPA and 66% are expected to be ready in six months’ time. The study also revealed that most firms are concerned about challenges such as anonymizing data, training employees and updating privacy policies.
To cope with GDPR, 58% of the surveyed firms had purchased commercial technology solutions and 57% developed internal systems. However, when it comes to CCPA, 70% feel those systems will not scale as they are burdened with new regulations.
In addition, 50% feel CCPA is too complex or vague, and 49% say they cannot effectively run workflows across multiple systems or services. In addition, 49% see no clear path for achieving compliance. It was also pointed out in the survey that most firms had the same concerns about GDPR.
According to 451 Research, LLC 90% of the consumers are concerned about data privacy and about 40% could be categorised as ‘very concerned’. Therefore, it is important that the firms know the alpha and omega of the CCPA Compliance to secure their customers.
The California State Senate has until September 13 to make the changes and send the CCPA amendments to the governor so that it can be signed into law by October 13. With the deadline closing in on the legislature it is important to keep a finger on the pulse of the compliances. To keep its clients ahead of the curve, LegalEase recently provided a Fortune 500 financial corporation with an audit of their privacy practices. The client received a rigorous and company-wide privacy audit; dissection of all personal information handling practices, and critical corrective suggestions that accomplished maximum security.
LegalEase Solutions offers corporate legal departments and law firms innovative support with regulatory compliances. Our team is designed to function as an extension to your legal practice or department, providing you the capabilities and resources to stay up to date with your needs. If you have a project you need a hand with, feel free to reach out to us at email@example.com. Our team is happy to assist.