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HomeNewsTech GCs fear new global privacy regulations, survey finds

Tech GCs fear new global privacy regulations, survey finds

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.

 

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