EXCLUSIVE: SURVEY SAYS! Small Business Owners Concerned New Privacy Regulations Will Hurt Bottom Line
California Consumer Protection Act. Washington Privacy Act. Data Dividends. Right of Action. Preemption. A flood of data regulation activity is sweeping across the country at all levels of government. All of this activity is intended to make things better, but it could actually make things worse particularly for the small business community. To raise awareness of these concerns, the Connected Commerce Council released new research today that explores small business attitudes toward data regulations.
Produced in partnership with NP Strategy Group the report, “Small Businesses: Data Regulation and Responsibility,” highlights that small and medium-sized business owners (SMBs) understand the importance of data security and the need for better regulations. However, the
research reveals a general concern among SMB owners that policymakers cannot write and enact effective laws governing data.
Highlights from the report include: an overwhelming majority (86%) of SMBs believe they protect customers data and they believe data security is critical to operating their business (67%). However, most SMBs (80% percent) report knowing very little about data protection laws. Moreover, very few business owners are confident that policymakers can effectively regulate this area (16%).
“Clearly, small businesses see the importance of data security but are concerned with the legislative process around data regulation,” said Jake Ward, Connected Commercial Council president. “Policymakers at all levels of government need to invite small business owners into the process, hear their concerns and ensure they are addressed in any potential legislation.”
In addition, the report found that 72% percent of SMBs would support improvement to data regulation if the regulations do not cause day-to-day stress on the business. This research report will be submitted to the House Small Business Committee as part of Mr. Ward’s testimony at a hearing on rural digital entrepreneurship held on March 13.
Download the full report HERE