QUESTION

What could happen if we don’t follow privacy law?

SHORT ANSWER
Governmental entities, such as the FTC, can bring an enforcement action. In some cases, you might be subject to a individual or class action consumer lawsuit.
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Liability under privacy laws comes in several forms.  These include enforcement actions by state, federal, and international authorities (such as the U.S. Federal Trade Commission, or various E.U. member states’ Data Protection Authorities), and, in some cases, private consumer rights of action.