Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Eniola Odetunde/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.
  • 66% of households have smart home devices, per Deloitte.
  • 70% of those who began shopping on their smartphones thanks to the pandemic plan to continue.

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.

  • Some of the largest players — such as BigID and OneTrust — have multi-billion-dollar market caps on their own.
  • Venture capital investment remains high: According to TechCrunch, about 207 privacy startups have together raised more than $3.5 billion in funding.
  • Private equity firms are buying up smaller niche firms to provide suites of services to compete with the biggest companies.

These companies are increasingly becoming "platforms for risk management," per Polonetsky.

  • The legal and reputational risks posed by data leaks and inappropriate uses of data are so great that they've become a board-level issue. And purchasing power has moved up the corporate ladder to chief technology officers and chief marketing officers — who control the biggest budgets.

What's next: By July 1, for the first time, under provisions of California's privacy law, companies buying or selling personal information of more than 10 million or more consumers have to be prepared to publish detailed records of consumer requests received the previous year.

What to watch: Privacy tech firms will likely merge or form joint ventures to provide the broadest set of services to big companies as regulations become more complex, according Tim Sparapani, lead author of the FPF report.

Go deeper:

Go deeper

Report: Corporate boards tapping limited circle of executives of color to fill open slots

Expand chart
Data: Deloitte and the Alliance for Board Diversity; Chart: Will Chase/Axios

Corporate boards are getting less white and male, but companies are "recycling" to achieve the feat — i.e., tapping a limited circle of executives of color to fill open slots.

Why it matters: In some cases, more diversity came "by recycling ... existing Fortune 500 board members rather than bringing in new individuals with different skills, backgrounds, and perspectives," according to a report out Tuesday by Deloitte and the Alliance for Board Diversity.

44 mins ago - Health

Novavax says COVID-19 vaccine was 90% effective in Phase 3 trial

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Novavax, a Maryland biotechnology company, announced Monday that its COVID-19 vaccine was 90.4% effective in its Phase 3 trial, including against coronavirus variants.

Why it matters: The study of 29,960 participants in the U.S. and Mexico found the shot was safe and highly effective, paving the way for the FDA to clear a 4th vaccine for emergency use by the end of the year.