Beijing time on January 3, the morning of January 3, according tomedia reports, Box CHIEF Executive Aaron Levi said in an interview with CNBC on Thursday that most people are willing to give up online privacy in exchange for services from companies such as Google. Levy’s comments to CNBC’s “Closing Bell” were in response to California’s comprehensive data privacy law, which went into effect Wednesday. Under the legislation, companies can be required to disclose the personal data they collect and how they use it.
Users can also ask companies to delete their data and prevent it from being sold to third-party entities.
In theory, Mr. Levy argues, the California Consumer Privacy Act would indeed have a “huge impact” on the business models of Internet companies that rely on user data to sell ads, especially if similar laws are enacted nationwide.
In practice, however, he said, such laws may not have a significant impact on businesses, in addition to compliance costs.
“I do think it will be the ultimate test for consumers to make a real decision about whether the value we get from these services is worth giving up on some of the privacy data of individuals that we give up,” said Levy, whose company provides cloud-based collaboration and file-sharing software. “
“And… In general, I think most consumers do this kind of transaction, because the experiences people get from and the app apps they use really bring a lot of value to life. “
In fact, mr Levy says, a national privacy law could be a boon to the reputation of technology companies. In recent years, technology companies have come under intense scrutiny over how they protect their data and how they monetize it.
“I think increasing this layer of control, this layer of transparency, this layer of visibility, will be an extremely important step in rebuilding consumer trust and ultimately allowing consumers to choose their own personal data processing methods,” he said. “
Gavin Newsom, California’s Democratic governor, signed the state’s data privacy law in October.
A study by the state attorney general’s office found that the law could cost companies a total of $55 billion in initial compliance costs.
The law, which draws on some elements of the EU’s data privacy rules, will come into effect on July 1.