This isn’t a tech sector problem; it’s an every sector problem. New research from the Information Technology and Innovation Foundation shows that failing to pass federal privacy legislation would cost more than $1 trillion to our economy over 10 years, with more than $200 billion being paid by small businesses. This means that resources that could go toward creating jobs are being spent on compliance costs and legal bills. In California, since the enactment of the state’s Consumer Privacy Act in 2020, there have been nearly 200 lawsuits involving companies that sell to customers in California despite being located elsewhere.
