The co-founder of Tiny House Coffee Roasters offers a solution to the patchwork system of privacy laws that is crushing small businesses.
COVID-19 presented enormous challenges for businesses across the country. To stay afloat amid lockdowns, many entrepreneurs shifted their operations to e-commerce as the primary mode of conducting business. This transition to digital created opportunities to reach new consumers but it also forced small companies to confront a harsh reality: The sheer number of data privacy laws makes compliance a legal nightmare – and a costly one.
Our company has always had a robust online presence, but when the pandemic hit, we were not prepared to lose the daily interactions with our customers in Austin. They were – and still are – the lifeblood of our business. But we had to adapt; and shifting to online sales meant more customer data on our servers and a greater responsibility to protect that information.
At a time when many businesses are operating on thin margins, it's increasingly untenable for small businesses like mine to navigate and understand the nuances of each state's privacy law. A federal privacy law would provide consistency and a common, easy-to-understand solution for small-business owners – and now is the time for Congress to act to prevent more states from passing conflicting bills.
A recent study from the Information Technology and Innovation Foundation estimates that without federal data privacy legislation from Congress, a state-level framework will cost our economy $1 trillion over the next 10 years. At minimum, small businesses will foot the bill for $200 billion of that projection via compliance costs, economic inefficiency, and lost growth potential.
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