Enterprises across the US have a new urgency to meet data regulations and privacy acts. As of March 2021, Virginia enacted a Consumer Data Protection Act (CDPA), which goes into effect in January 2023.
With similar language to the California Privacy Rights and Enforcement Act (CPRA) and General Data Protection Regulation (GDPR), this effort by Virginia lists requirements for control and processing of data for businesses or persons conducting business in the commonwealth.
An article by CSO states, "The CDPA gives Virginia consumers the right to access, correct, delete, and obtain a copy of the personal information that covered businesses hold about them. The legislation also gives consumers the right to opt-out of personal data processing for targeted advertising purposes, which will likely require companies to issue the kind of cookie use notices that have proliferated following the GDPR."
Regular assessments take place to ensure that data processes and distribution are not infringing on consumer's rights.
"[The CDPA] illustrates the ever-growing complexity of data privacy that enterprises must contend with." States Malcolm Chisholm, Data Governance Leader at CCG.
"Today, data privacy is not just a question of avoiding fines but is a competitive differentiator as companies seek to earn the trust of customers who are becoming increasingly worried about their privacy."
Following the European Union's footsteps and states like Virginia and California, businesses can soon expect bills like this to affect their area. Without a practical approach to abiding by regulations, businesses can expect a loss of trust, lost revenue, and steep fines.
Instead of reacting to legislation, we at CCG encourage businesses to get in front of data privacy and regulatory initiatives. Florida-based company VyStar Credit Union did just that by collaborating with CCG on model and data governance initiatives to prepare for a $10 billion (in assets managed) milestone.
Aside from monetary impacts, the ethical rationale for maintaining data privacy and security takes precedence.
"At CCG, we approach data privacy from both the need to comply with regulations and the need to earn customers' trust and use their personal information responsibly to reward them with more personalized experiences." Concludes Malcolm Chisholm, Data Governance Leader, CCG
Gain access to a checklist for data regulations that affect your business through CCG's RapidDG solution. Find success with governance here.
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.
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