In the absence of federal privacy legislation, businesses and consumers alike are taking steps to protect online personal data.

While state privacy laws in California, Virginia and Colorado have helped lay the groundwork for a national privacy standard, there is still work to be done on figuring out exactly what an omnibus privacy bill should look like. In the meantime, U.S. consumers are taking privacy into their own hands by setting up stronger passwords online and opting out of third-party location tracking, among other measures, as they become more concerned about data protection, according to survey results from 451 Research, a unit of S&P Global Market Intelligence. Businesses are also working to protect consumers' data, hoping that doing so will result in more loyal customers.

In this episode of "MediaTalk," a podcast by S&P Global Market Intelligence, two experts provide insights on privacy legislation in the U.S., how online companies are storing personal data, and growing concerns among consumers about privacy in the wake of the pandemic.

There has been some coalescence around concepts for a federal privacy bill, including a package of individual rights that would allow consumers to know what data is being collected about them and correct that data if it is wrong, said Alexandra Reeve Givens, president and CEO at the Center for Democracy and Technology, a nonprofit group that supports laws and policies that protect the privacy of internet users.

And Big Tech companies — including Amazon.com Inc. and Facebook Inc. — are generally in favor of a federal standard as opposed to navigating a patchwork of state laws, Givens said.

"Far better for them if there's actually a baseline standard that they know they need to comply with and can have some certainty for planning their products around and establishing that consumer trust," Givens said.

But there are also some thornier questions to address, such as which agency would enforce federal privacy law, that have yet to be hammered out, Givens said.

"Should that rest with the Federal Trade Commission? Should it rest with state attorneys general to come in and be able to enforce this federal law? Should there be a private right of action for consumers to be able to sue? What should the damages and the punishments and the fines look like in that web?" Givens said.

While lawmakers have been in conversations about the intricacies of such a bill, they have yet to come to the table and strike a deal. But Givens said she is "very hopeful" the Biden administration will step in and show leadership to say, "This is a priority."

While the nation waits on a federal law, consumers, particularly older ones in the Baby Boomer generation, have doubled down on privacy protections to shield their assets, said Sheryl Kingstone, head of customer experience and commerce at 451 Research.

The older generation is not that comfortable with digital technology, whereas younger carefree consumers are far more trusting of companies with their data, Kingstone said.

Businesses have also stepped up efforts to protect consumer data, including giving consumers the ability to opt out of location-tracking features. "Ninety-two percent of businesses, especially that are consumer-based businesses, are willing and are investing in technology to make sure that they can effectively give consumers the ability to delete what can be legally deleted, the ability to try to improve that transparency about what's being collected," Kingstone said.

She noted there is a real risk to those firms that do not protect consumer data in terms of lost customers. Kingstone said 80% of consumers will not shop with an organization again once it has betrayed their trust.