--News Direct--
By Faith Ashmore, Benzinga
As the world increasingly becomes increasingly more digitalized, laws around privacy are taking center stage. Governments and their people are starting to ask the complex question of what the standard of privacy is in our digital world. Data privacy regulations, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA), are examples of recent policy measures that aim to protect individuals' data rights and enforce control measures on businesses that handle personal data.
The GDPR, which came into effect in 2018, applies to all companies processing the personal data of European Union (EU) citizens, irrespective of the company's location. It establishes rules for data collection, processing and storage, and gives individuals the right to access, rectify or erase their personal data. The GDPR also imposes hefty fines for non-compliance, emphasizing the need for businesses to prioritize data privacy.
Similarly, the CCPA, enacted in 2020, focuses on protecting the privacy rights of California residents. It grants consumers greater control over their personal information, allowing them to request access to their data, opt out of its sale and demand its deletion. The CCPA applies to businesses that exceed certain thresholds related to revenue or the amount of consumer data processed. Non-compliance with the CCPA can result in substantial financial penalties, making it crucial for businesses operating within California to implement adequate data privacy measures.
While these are two examples of laws that have recently come to fruition, governments are constantly looking at new bills and laws to regulate the digital world. Whether you’re working for a corporation, running a business or non-profit or are just a concerned citizen, being in the know about how lawmakers are shaping the future of privacy is an important part of both civic engagement and business management.
That’s where companies like FiscalNote (NYSE: NOTE) come into play. FiscalNote is a premier information services company focused on global policy and market intelligence. Combining AI-driven intelligence and peer insight, the company has a suite of products that helps lawmakers, companies and other organizations alike tackle the world of digitalization. The company prides itself on providing its customers with a full, unbiased story and it does not source its information from vendors.
FiscalNote data and AI extract value and insights by accessing billions of datasets. Users can automate policy and track issues at federal, state and local levels to help make more informed decisions. 25 of the top Fortune 50 companies rely on FiscalNote’s AI-driven policy monitoring solutions, as well as 100% of U.S. federal agencies. The company has found that, on average, companies that use FiscalNote save 3+ hours a week that would otherwise be dedicated to policy and stakeholder research. FiscalNote is also well-established in the EU with its team of experts on the ground in Brussels.
The evolution of data privacy regulations such as GDPR and CCPA reflects the growing concern for individual rights in a digital era. As businesses navigate these regulations, they must continue to adapt their policies, processes and technologies. This will help to ensure compliance, prioritize data protection and build trust with their customers. FiscalNote can effectively help companies be on top of the latest news to ensure they stay compliant with new regulations and are prepared for impending laws that will impact businesses.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
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