- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
Hospitals can soon expect to see new draft cybersecurity regulations and benchmarking goals, according to the Department of Health and Human Services.
The Securities and Exchange Commission’s latest regulatory agenda remains packed with proposals in the final rule stage, most notably the agency’s climate-related disclosure package.
New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.
