Many organizations have spent substantial resources to ensure internal compliance with GDPR and will spend even more to comply with the CCPA in the coming year. According to an economic impact study commissioned by the California Department of Finance, the initial costs to American businesses could exceed $55 billion, with some organizations spending $2 million or more to ensure their operations follow the new privacy regulations.
Many will spend quite a bit more. Organizations with over $1 billion in revenue are estimated to spend between $10 to $100 million to prepare for the CCPA. These estimates include a minimum of ten new fulltime hires dedicated to compliance. Much of those resources will be used for addressing customer complaints, a task to which organizations will apply people, process and technology.