ITIF: Privacy law mirroring GDPR, CCPA could cost U.S. $122B

A report from the Information Technology and Innovation Foundation found that a law mirroring either the EU General Data Protection Regulation or the California Consumer Privacy Act could cost the U.S. $122 billion per year. Should the U.S. Congress pass “a more targeted set of privacy protections,â€� it could still protect citizens’ privacy and reduce costs to $6.5 billion a year, according to the ITIF report. “The costs of regulations can be significant, and are justifiable only when their benefits both outweigh their costs and are achieved in the most cost-effective way,â€� writes ITIF Vice President Daniel Castro and Senior Policy Analyst Alan McQuinn. “Neither of these are true with regard to the kind of overly restrictive data protection law many privacy advocates have demanded.â€�
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