What is the California Consumer Privacy Act?
The California Consumer Privacy Act (CCPA) is the first U.S. regulation to follow in the footsteps of the EU’s General Data Privacy Regulation (GDPR). The CCPA was signed into law June 2018; however, the requirements of the CCPA are effective as of January 1, 2019. Ultimately, the goal of this regulation is to protect the personal information of California residents and give those residents more control over their data.
Much like the GDPR, the California Consumer Privacy Act not only affects businesses operating within the state of California, but all businesses that process the personal information of California residents. Personal information maintains a wide definition under this law, including Social Security numbers, drivers’ license numbers, and “unique personal identifiers” such as device identifiers and other online tracking technologies.
Unlike the GDPR, which applies to all businesses processing resident data, the CCPA has specific thresholds organizations must meet in order for the law to apply, such as annual gross revenue of over $25 million.
Businesses that do not comply with the CCPA are subject to penalties of up to $2,500 per violation and $7,500 per intentional violation. These numbers can be exceeded, as the California Consumer Privacy Act provides residents who are impacted by a breach the option to bring a lawsuit against the business and recover up to $750 per incident.
What Are the Benefits of CCPA Compliance Software?
Achieving CCPA compliance is no easy task. Any business that processes personal information knows how time consuming it is to track down the types of data they are processing and where the data is housed, let alone how they are protecting that data. CCPA compliance software can help achieve, maintain, and report on a company’s compliance status.
The first step is to figure out the scope and applicability of CCPA compliance regarding your unique business. Does this regulation apply to you? What parts of it do you already comply with, and what areas do you need to improve on? Exactly how much personal information do you house? A centralized CCPA compliance solution affords you the ability to involve subject matter experts and track both the applicability of the regulation, as well as your progress towards compliance.
As with any regulation, CCPA compliance must be proven. Those who use manual processes and various point solutions will be hard pressed to generate reports on their compliance efforts and prove to regulators they are not liable should a breach occur. A CCPA compliance solution like LogicManager automatically generates compliance reports and audit trails from the information already housed in the system.
Above all, LogicManager recognizes the CCPA is only the first of its kind. Consumers will continue to fight for their privacy rights, and state regulators will answer the call with new laws. Segmenting your data by state is therefore a wasteful effort. With LogicManager, you can nimbly prepare for privacy regulations stemming from all 50 states and countless other countries at once.
LogicManager ties for the highest overall position for Ability to Execute in the 2019 Gartner Magic Quadrant for IT Risk Management Solutions.
Achieve CCPA Compliance with LogicManager
LogicManager is the leading enterprise risk management software provider. Our California Consumer Privacy Act compliance solution streamlines all elements of this governance process, including scope and applicability, risk assessments, reporting, and more.
Compliance Checklists: LogicManager’s CCPA compliance checklists help you break down the regulation into separate line items and identify the areas you have covered and those you need to improve on.
Centralized Platform: Knowing the data your business collects, where it’s kept, and what it’s used for requires engagement. Communicating between subject matter experts is easy and efficient within LogicManager’s centralized system and out-of-the-box risk assessments.
Incident Reporting: LogicManager provides pre-built, customizable online incident webforms backed by automated workflows so you never lose sight of an incident. Notify appropriate personnel of non-compliance and security risks and ensure they’re remediated in time.
Third-Party Management: Our CCPA compliance solution not only offers insight into your own business, but into the businesses you work with. Third parties often have access to large amounts of personal data. LogicManager’s third-party questionnaires help you determine the compliance risks associated with each vendor.
Business Intelligence Reporting: LogicManager’s award-winning reporting capabilities drastically reduce time and money spent on manual reporting. Generate pre-built compliance reports with a click of a button, or create custom reports with the help of your advisory analysts.
Get this solution.
If you’re already a LogicManager customer, you can contact your business analysts to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our CCPA compliance solution in action.
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