"While it may be counterintuitive, given Republican aversion to federal regulation in general, many perceive the need for a national privacy law that will pre-empt state laws as a generally business-friendly proposal that many Republicans embrace."
Insurance is the "Achilles heel" of the fossil-fuel industry, with the power to drive climate change progress, because projects are unlikely to attract capital if they can't get insurance.
In general, a compliance culture will help you avoid costly pitfalls like having to rebuild a product or service offering due to legal issues or negative publicity; it will also lower the risk of lost trust and lawsuits, which can be game-ending.