Privacy Legislation as Business Risks: How GDPR and CCPA are Represented in Technology Companies' Investment Risk Disclosures

Power exercised by large technology companies has led to concerns over privacy and data protection, evidenced by the passage of legislation including the EU's General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). While much privacy research has focused on how users perceive privacy and interact with companies, we focus on how privacy legislation is discussed among a different set of relationships-those between companies and investors. This paper investigates how companies translate the GDPR and CCPA into business risks in documents created for investors. We conduct a qualitative document analysis of annual regulatory filings (Form 10-K) from nine major technology companies. We outline five ways that technology companies consider GDPR and CCPA as business risks, describing both direct and indirect ways that the legislation may affect their businesses. We highlight how these findings are relevant for the broader CSCW and privacy research communities in research, design, and practice. Creating meaningful privacy changes within existing institutional structures requires some understanding of the dynamics of these companies' decision-making processes and the role of capital.