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companies in a precarious position and with a difficult issue to tackle—how to best approach compliance in an efficient and cost-effective manner.
Until recently, most organizations favored either a state-by-state approach to compliance or, alternatively, a “highest common denominator” approach whereby the strictest state standard for each discrete compliance requirement is imple- mented across all jurisdictions where consumer privacy statutes now exist.
Following the addition of a fifth state to the compliance equation, a third approach has emerged—with companies choosing to offer consumers the same rights and control over their personal information regardless of where they are located. Not only does this approach simplify and streamline organizational compliance burdens, but it also provides the addi- tional benefit of providing consumers in many states with greater control and protection over their personal information
than what is required by law. This offering can be used as a substantial competitive advantage in today’s highly competitive marketplace, especially as consumers demand greater transparency and control when it comes to how their sensitive personal information is collected, used, and protected by the companies they give their hard-earned money to and trust with their sensitive data.
With consumer privacy laws in Cali- fornia, Virginia, Colorado, Utah, and Connecticut all set to go into effect next year—as well as the significantly increased likelihood of a comprehensive federal privacy regulatory regime being enacted in the immediate future—now is the time for companies to consult with experienced privacy and data strategy counsel to begin the task of determining which approach to utilize and then build out their compli- ance programs to ensure compliance can be achieved in a timely fashion by the beginning of 2023.
Oberly is an attorney in the Cincinnati office of Squire Patton Boggs LLP and a member of the firm’s global Data Privacy, Cybersecurity & Digital Assets practice. David’s practice focuses on counseling and advising clients on a wide range of biometric privacy, artificial intelligence, and data privacy/security compliance and risk management matters. He can be reached at david. oberly@squirepb.com.
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THE REPORT | September/October 2022 | CincyBar.org