Companies To Spend $55 Billion To Comply With New California Law
The new law, which recently went into effect, mandates that any company should be able to provide a customer all data collected on them upon request. Additionally, consumers should be able to ask a company to delete any data on them.
However, even if companies wanted to fulfill the requirements of this new law instantaneously, they would not be able to do so. Companies are expected to spend $55 billion this year on efforts to maintain compliance with this new law.
One major difficulty in complying with this law is that companies do not collect consumer data in a way that is meant to be easily packaged for consumer consumption. Instead, companies that specialize in data management will have to provider their services to companies working to reorganize their consumer data.
"We want to be an enabler to companies being able to stay compliant with all of these new, emerging privacy laws. So for us, realistically, this is actually a tailwind to our business model, it's a positive trend for us," Aaron Levie, CEO of Box.