- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-02-27T14:00:00
Businesses are watching five U.S. states where consumer privacy laws are set to take effect this year.
The passage of legislation in Colorado, Connecticut, Utah, and Virginia, plus a major amendment to the California Consumer Privacy Act that took effect in 2020, was driven by consumer demand for more control over the personal data companies collect, trade, and sell following decades of data breaches and high-profile information sharing.
“Privacy is a hot-button issue and one consumers are really in tune with,” said Jenny Holmes, deputy leader of the cybersecurity and privacy team at law firm Nixon Peabody. “It’s new and under the spotlight, so it adds pressure on companies.”
And yet, some companies see data privacy compliance as an opportunity.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
If multi-state businesses thought at the start of 2023 complying with a patchwork of U.S. state privacy laws was going to be a lot of work, now they must be overwhelmed. Experts assess the fast-evolving U.S. privacy landscape.
Indiana became the latest in a growing number of U.S. states with a comprehensive consumer data privacy law on the books.
Iowa became the sixth U.S. state to pass comprehensive data protection legislation allowing residents control over how their personal information is accessed and shared.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
