Business owners: successfully navigate the Colorado Privacy Rights Act (CPA). Remember - it doesn’t matter where your business is located - the CPA applies to your company if your customers reside in Colorado.
Companies that do business in Colorado have until July 1, 2023 to comply with the Colorado Privacy Act (CPA). The CPA imposes obligations on companies to protect the privacy of consumers’ personal data, defined as information that is linked or reasonably linkable to an identified or identifiable individual.
It doesn’t matter where your business is located-–the CPA applies to your company if your customers reside in Colorado. If you fail to comply with CPA regulations, you may face expensive financial penalties and possible damage to your reputation. But there are solutions that simplify compliance.
In this article, we provide information that can help business owners successfully navigate the CPA.
Similar to other consumer privacy laws, the CPA grants consumers five key privacy rights, including the right to:
The CPA applies to any legal entity that conducts business in Colorado or produces or delivers “commercial products or services that are intentionally targeted to the residents of Colorado,” and that satisfies one or both of the following thresholds:
Because the CPA does not impose a revenue threshold, a business cannot become subject to the law merely due to its annual revenues; however, smaller, regional businesses that meet other thresholds may find that they need to comply with it.
The CPA extends applicability to businesses that process the personal data of 25,000 consumers and receive any revenue or discount from the sale of data. The CPA is applicable even when a company derives less than 50% of its gross annual revenue from selling data.
CPA defines a consumer as “a Colorado resident acting only in an individual or household context” and explicitly omits individuals acting in “a commercial or employment context, as a job applicant, or as a beneficiary of someone acting in an employment context.”
The “sale of personal information” is defined as “the exchange of personal data for monetary or other valuable consideration by a controller to a third party.”
To cost-effectively ensure they are complying with CPA, businesses will have to manage and track consumers’ requests to opt-out, review, access, delete, and obtain their data.
Business owners and leaders need a system for tracking consumer requests to opt-out, review, access, delete, and obtain their data. Without an accurate system for tracking the status of each request, business owners risk costly penalties and damage to their reputations.
To strengthen and enhance customer loyalty, PrivacyCare offers a system that features:
For help with your data privacy compliance challenges, contact PrivacyCare today.
PrivacyCare CEO and Co-Founder Brad Garsten joins Microsoft, Squire Patton Boggs and moderated by IAPP - International Association of Privacy Professionals, to discuss the business, legal, and technical implications of the new state privacy laws and how they will impact your business.
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