‘GDPR Lite’ California Privacy Act Mandates Modern Privacy Practices
- Date:July 23, 2018
- Author(s):
- Sean Sposito
- Test
- Report Details: 4 pages, 2 graphics
- Research Topic(s):
- Cybersecurity
- Fraud & Security
- PAID CONTENT
Overview
In the wake of the Cambridge Analytica scandal that impacted roughly 87 million Facebook users, California lawmakers have quickly pushed through privacy legislation that could become a standard for how U.S. banks handle customer information.1 The state recently passed AB 375, “The California Consumer Privacy Act of 2018,” or CCPA, which outlines a series of mandates that dictate how broad categories of banks — and others who handle consumers’ personal information — must treat and store the data of tens of millions of Californians.2
CCPA is the brainchild of “semi-retired” San Francisco real estate developer Alastair Mactaggart, who sank more than $1 million into a Bay Area advocacy group.3 Mactaggart first became concerned about privacy after he spoke to a Google engineer at a cocktail party who reportedly told him: “If people knew what we knew about them, they’d be freaked out.”
The law is set to go into effect Jan. 1, 2020. However, officials have already agreed to make amendments to the act when the legislature reconvenes in August.
Learn More About This Report & Javelin
Related content
Cyber Lessons for Mobile Banking: Connecting with Consumers, Framing Cyber Awareness
Javelin Strategy & Research sees an increased opportunity for cybersecurity awareness and engagement with consumers within mobile banking, where push notifications and alerts are a...
Wealth Accounts at Increasing Risk of Scams and Cyber Takeovers
Romance scams are hard to detect. Wealth management clients are often affected by the most devastating and nefarious types of scams—scams that are long-running and result in the pe...
Unmasking the Threat of AI: Deepfakes and Financial Security
Deepfakes fueled by AI are fast approaching being able to reliably circumvent voice biometrics authentication and facial recognition algorithms. When deepfakes cross this threshold...
Make informed decisions in a digital financial world