Data Privacy Regulations
Data privacy regulations are laws and standards that govern the collection, storage, processing, and sharing of personal information to protect individuals' privacy rights.
Explanation
Key regulations include GDPR (EU — requires consent, data minimization, right to erasure, 72-hour breach notification), CCPA/CPRA (California — consumer rights to know, delete, and opt out of data sales), and various state privacy laws. Organizations must implement privacy by design, conduct data protection impact assessments, and appoint data protection officers where required. Non-compliance can result in substantial fines. CPAs should understand how these regulations affect data handling in audit, tax, and advisory engagements.
Key Points
- •GDPR: consent-based, right to erasure, 72-hour breach notification
- •CCPA/CPRA: right to know, delete, and opt out of data sales
- •Privacy by design: build privacy protections into systems from the start
Exam Tip
GDPR applies to any organization that processes data of EU residents, regardless of where the organization is located — extraterritorial reach is a key concept.
Frequently Asked Questions
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