- The CCPA limits data flows to brands and marketers, and CPRA amendments are set to take effect January 1, 2023
- CPRA and CCPA provisions include the right to opt-out of data sharing and sale, as well as the right to data deletion
- Consumer data is critical to branding and advertising strategies
- Reklaim provides an ecosystem that equips marketers with fully compliant, consumer-verified data sets while rewarding consumers for sharing information
With the aim of protecting consumers, the California Consumer Privacy Act (“CCPA”) and amendments provided by the California Privacy Rights Act (“CPRA”) are gradually transforming the advertising landscape by limiting data flows to brands and advertisers. Reklaim (TSX.V: MYID) (OTCQB: MYIDF) is firmly positioned to fill the void with a privacy-compliant desktop and mobile identity ecosystem that provides relevant datasets to marketers while rewarding consumers for sharing their data.
Data fuels the company’s need to market activities for brands and advertisers. However, options are gradually decreasing due to privacy laws restricting information flow of information to the market. One such law is the CCPA, which took effect on January 1, 2020, and is set to be amended by the CPRA on January 1, 2023 (https://ibn.fm/UbGB0).
The CCPA’s initial provisions give consumers the right to know what data is collected, why it is collected, if it is sold and what party bought the information. They also offered the right to delete this data. The CPRA adds two additional provisions: the right to correct inaccurate personal information and the right to limit the use and disclosure of sensitive personal data.
The CCPA and subsequent CPRA amendments impose these obligations on businesses, service providers, contractors and third parties. Consequences for non-compliance include penalties of up to $7,500 per intentional violation, $2,500 per unintentional violation and statutory damages of up to $750 per consumer per incident.
California is the world’s sixth-largest economy, ahead of Italy and closely behind France (https://ibn.fm/nzX82), making it a highly lucrative jurisdiction for brands and advertisers. In addition to severely limiting marketing activities in the United States, similar laws enacted in other countries threaten to greatly reduce the impact of advertising campaigns worldwide (https://ibn.fm/QLTnl).
Reklaim is strongly positioned to support brands with fully consensual, consumer-verified data through an ecosystem that rewards users for sharing their data while providing verified datasets advertisers can access for a fee. Besides being fully compliant, Reklaim’s platform offers more relevant and higher-quality data, because consumers on the platform actively provide and choose to share their information.
According to Fortune Business Insights, the global customer data platform market was valued at $1.42 billion in 2022 and is expected to reach $6.94 billion by 2029, expanding at a CAGR of 25.4% over the forecast period (https://ibn.fm/ZCUUC). As demand for consumer data continues to rise amid legislative restrictions, Reklaim provides valuable, transparent and high-quality solutions that benefit both sides of the consumer data market.
For more information, visit the company’s website at www.ReklaimYours.com.
NOTE TO INVESTORS: The latest news and updates relating to MYIDF are available in the company’s newsroom at https://ibn.fm/MYIDF
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