Why do I need a Privacy Program?
Comply with the latest privacy law
For example, the California Consumer Privacy Act (CCPA) in 2020. Failure to comply can get you fined in two ways:
- The California Attorney General can bring civil actions for up to $2,500 for each violation of the CCPA or up to $7,500 per each intentional violation.
- Consumers can file individual or class actions following a data breach and recover between $100 and $750 per consumer per incident or actual damages, whichever is greater.
Partnership with large enterprises
Large enterprises must conduct vendor risk assessments – if you are a vendor, having a privacy program will save you time in closing that deal.
For fundraising and acquisition, startups will require a privacy compliance check.
Applying for Cyber liability insurance
Protecting your software business with cyber liability insurance will require you to confirm that you have an active privacy program.