Now internet users can see what personal information is collected about them, and stop that data from being sold.
While navigating a mammoth advertiser boycott and potential federal antitrust charges, Facebook Inc.’s chief financial officer may be most concerned about California’s strict new privacy law.
Wehner did not offer specifics, but Facebook has taken several steps over the years to comply with CCPA. Indeed, the depth and tone of his answer showed greater concern for it than the July ad boycott of more than 1,100 companies over objectionable content on the social network. The boycott, which included Coca-Cola Co. KO, +0.43% and Ford Motor Co. F, -1.28% , is expected to have minimal drag on Facebook sales.
The law has already exacted a steep financial toll for Facebook. The social-networking giant says it has spent billions of dollars shoring up its privacy and security features to comply with laws like CCPA in the U.S. and General Data Protection Regulation, or GDPR, in the EU. The law’s impact is sprinkled throughout Facebook’s 10-Q form for its recently completed second quarter. CCPA is mentioned seven times, compared with 40 mentions of COVID-19 and nothing on the boycott.
“It was a watershed moment for consumers and privacy,” says Pam Dixon, founder of the World Privacy Forum, a nonprofit public interest research group. “We got [the European Union’s GDPR], CCPA, and a sequel to CCPA. The cost to the business side has been profound [financially], and time consuming for individuals to opt in.”
More important, CPRA includes the creation of a five-member state agency to enforce privacy protections, instead of the state attorney general under CCPA.
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