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Privacy tech industry explodes

Axios: “Businesses forced to comply with a patchwork of state and global privacy rules have turned what was once a cottage industry focused on data and privacy into a multi-billion-dollar sector. Why it matters: As COVID-19 pushed consumers online in droves, companies — from Fortune 500 firms to the corner coffee shop — had to grapple with how to legally handle personal data. The privacy-tech companies who know how to do it have been raking in the cash. “Data is on its way to becoming a fairly regulated business, even though we don’t have a national law yet,” said Jules Polonetsky, CEO of the Future of Privacy Forum. “If you’re a restaurant or even a school — and all of a sudden you’re covered by one of these laws — you now have to assess and document that you’re in compliance.”

  • By the numbers: Consumers are more connected than ever, causing data flows to a wide variety of companies to grow exponentially. The average American household now has 25 connected devices, ranging from laptops, smartphones and smart TVs to gaming consoles, smart home devices and connected fitness machines, according to a Deloitte connectivity survey out today…
  • What’s happening: The companies that help other companies process, maintain, and legally maximize use of consumer data are in high demand, and collectively need to mature, according to a Future of Privacy Forum report shared first with Axios…”

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