Stringent federal data privacy laws in the United States are associated with compliance costs and market inefficiencies. Based on August 2019 data, requiring data protection officers for U.S. entities that handle personal data would reach around 6.4 billion dollars per year. Total annual costs associated with regulatory compliance would be roughly 12.2 billion dollars.
Estimate of costs associated with unnecessarily stringent federal data privacy law in the United States as of August 2019
(in million U.S. dollars)
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ITIF. (August 5, 2019). Estimate of costs associated with unnecessarily stringent federal data privacy law in the United States as of August 2019 (in million U.S. dollars) [Graph]. In Statista. Retrieved November 09, 2024, from https://www.statista.com/statistics/1046519/estimated-costs-stringent-federal-data-privacy-law-usa/
ITIF. "Estimate of costs associated with unnecessarily stringent federal data privacy law in the United States as of August 2019 (in million U.S. dollars)." Chart. August 5, 2019. Statista. Accessed November 09, 2024. https://www.statista.com/statistics/1046519/estimated-costs-stringent-federal-data-privacy-law-usa/
ITIF. (2019). Estimate of costs associated with unnecessarily stringent federal data privacy law in the United States as of August 2019 (in million U.S. dollars). Statista. Statista Inc.. Accessed: November 09, 2024. https://www.statista.com/statistics/1046519/estimated-costs-stringent-federal-data-privacy-law-usa/
ITIF. "Estimate of Costs Associated with Unnecessarily Stringent Federal Data Privacy Law in The United States as of August 2019 (in Million U.S. Dollars)." Statista, Statista Inc., 5 Aug 2019, https://www.statista.com/statistics/1046519/estimated-costs-stringent-federal-data-privacy-law-usa/
ITIF, Estimate of costs associated with unnecessarily stringent federal data privacy law in the United States as of August 2019 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1046519/estimated-costs-stringent-federal-data-privacy-law-usa/ (last visited November 09, 2024)
Estimate of costs associated with unnecessarily stringent federal data privacy law in the United States as of August 2019 (in million U.S. dollars) [Graph], ITIF, August 5, 2019. [Online]. Available: https://www.statista.com/statistics/1046519/estimated-costs-stringent-federal-data-privacy-law-usa/
