This is unnecessarily alarmist and hilarious. It's clear that personal information and other data was not properly respected by many startups and large companies. Data "breaches" and the various apology tours have shown a massive loophole in the law, and now the law is responding by closing the loophole.

If your business was profiting specifically by exploiting personal information, this would be a sad day for you but a "good riddance" moment for the rest of the world. If you have a legitimate business that isn't underpinned by such odious behaviors, this demands a small review of your business practices but is generally a good thing.