Risk #1: breaking the law and getting fined
- European Union’s General Data Protection Regulation (GDPR);
- The California Online Privacy Protection Act (CalOPPA);
- The California Consumer Privacy Act (CCPA); and
- Nevada’s Revised Statutes Chapter 603A and SB220.
Let’s say that one of these laws applies to you. So what? Well, these privacy laws impose heavy penalties for non-compliance. Fines can range from $2,500 per violation (per website visitor) to €20,000,000. While the news only features high-profile companies such as Google or Facebook being fined, the truth is that much smaller companies are also getting into trouble. In fact, there are new fines imposed nearly every week and for even the smallest of violations, such as infringing upon the privacy rights of one person. You don’t need to have millions of customers for fines to apply to you.
Risk #2: losing the trust of your customers
Risk #3: delays in your sales cycle