Law firm Womble Bond Dickinson found that 89% of executives have increased their budgets to comply with new state privacy law, but compliance actions lag.
In May 2017, the world of data privacy was irreparably changed when four members of the Chinese military hacked into credit-reporting company Equifax, exposing the personal information.
With new consumer privacy laws set to take effect in several states in 2023, nearly six in 10 executives say their organizations are very prepared to meet these requirements, although they have not taken key steps toward compliance in geolocation and Biometric information
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The modern era of data privacy changes began in May 2017, when consumer credit report company Equifax was hit with a data breach that exposed the personal information of approximately 147 million people.