Tech GCs fear new global privacy regulations, survey finds
More than half of general counsel at technology companies (56%) believe they are unprepared for new privacy regulations coming in, according to a survey by data privacy compliance company Ethyca and US membership group TechGC. California Consumer Privacy Act, which came into effect at the start of the year, is comprised.
The survey – which had 218 respondents – shows deep concerns about privacy regulation. Indeed, only 31% said they felt prepared for the new regulations. Some 43% of GCs said their companies had de-prioritised CCPA preparedness due to the coronavirus pandemic, despite the attorney general’s office pushing ahead with plans to start enforcing fines from this month. Almost three-quarters of respondents said the increasing number of privacy regulations globally makes it difficult to comply, while almost a fifth said it was impossible.
However, 57% of GCs said they will spend more on privacy and compliance this year. Only 6% said they would spend less on privacy. Not only CCPA is among their concerns: 42% said GDPR is the most challenging privacy law for businesses. «The pandemic has thrown the world into chaos but these survey results indicate that concerns over privacy have remained a constant», commented Cillian Kieran, CEO of Ethyca.