Allowing the states to regulate data privacy could cost businesses more than $1 trillion in the next 10 years, according to a new study by the Information Technology & Innovation Foundation.
So far, the report noted, only a handful of states have enacted privacy laws, including California, Colorado, and Virginia, but more states are likely to pass laws in the coming years. Since 2018, 34 states have passed or introduced 72 privacy bills regulating the commercial collection and use of personal data. However, as more laws are passed, they will create significant compliance costs for both in- and out-of-state businesses and confusion for consumers.
