( PR4US.com | Press Release | 2019-08-20 16:04:34 )
Companies Say Compliance Requirements Too Costly; Face Risks Associated With Fines
DULUTH, GA (August 20, 2019) – PossibleNOW™, a leading provider of enterprise consent, privacy, and preference management solutions, today announced the results of its latest survey, showing 56% of U.S. businesses polled reported they do not expect to be fully prepared to meet California Consumer Privacy Act (CCPA) requirements by the January 1, 2020 date of enforcement.
When survey respondents were asked why their organization wouldn’t be compliant:
35% said their primary reason is the cost of becoming compliant
32% stated they were waiting to see how the CCPA will be enforced
17% said they didn’t think their organization is large enough to face fines
11% said the law is new to them and they are unsure of the requirements, and
4% stated they didn’t think the law applies to them.
Penalties for noncompliance[i] are $2,500 per record for each unintentional violation and $7,500 per record for each intentional violation. So, a company that doesn’t honor or mismanages 1,000 consumer privacy requests could face a fine ranging from $2,500,000 to $7,500,000.
While many factors come into play such as the size of a company and the scope of the project, the average cost for available compliance technology and implementation is typically less than one full time employee. Businesses face unnecessary financial risks associated with fines by choosing to delay addressing their compliance gaps.
“Just as with GDPR, a significant number of businesses are caught between the cost and effort of complying with CCPA and the probability of enforcement actions against them,” said Eric Tejeda, Marketing Director at PossibleNOW. “There are heightened concerns surrounding the CCPA specifically because of California’s strict approach to legislation across all facets of business within the state. Companies should actively seek the counsel of a privacy compliance organization as the deadline is quickly approaching. As time draws short, resources become more scarce and implementation becomes more costly.”
PossibleNOW leverages powerful technology and industry-leading expertise to enable companies to listen to customers, remember what they like and dislike and respond in useful, personalized ways. Its enterprise consent and preference management platform, MyPreferences®, collects customer and prospect preferences, stores them safely and makes them available to any other system or application in the enterprise. PossibleNOW’s, OnePoint Privacy Management Solution, is a workflow tool that manages activities associated with maintaining compliance with consumer privacy regulations. PossibleNOW strategic services experts identify opportunities, plan technology deployments, design consumer interfaces and position clients for a win. PossibleNOW is purpose-built to help large, complex organizations gain control over communications, mitigate compliance risk and reduce marketing expenses while improving customer experience and loyalty. For more information about CCPA visit https://www.possiblenow.com/ccpa-compliance-software