Many businesses are still struggling to understand and comply with local data protection laws and regulations. This also translates to vulnerable consumers. One survey (of 1,000 professionals) revealed that 62.4% of companies are still not ‘completely compliant’ with the data regulations it is subject to, including GDPR, CCPA, and the Virginia CDPA. More than 61% of respondents said they handled data from the EU, which requires GDPR compliance. A smaller number of respondents handled data from the UK (21.9%), California (21.1%), and Virginia (17.2%).
Somewhat troublesome is that nearly a quarter (24.4%) of respondents didn’t know which data regulations apply to the company, indicating a lack of understanding for laws that apply to the location where the business operates, and also which laws its customers may be subject to.
More importantly, nearly half (44.7%) of companies have had to add or change marketing technology to comply with applicable data regulations; and some companies report spending $10,000 or greater each year to remain compliant with data regulations. That’s not an insignificant operating cost – and, given how fast privacy laws and regulations are continuing to evolve, that could easily drive costs up more with each passing year.
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