If you have an LLC for privacy reasons you should be concerned.
32 million American small business will need to pay about $85 USD file PII and maintain that data is up to date and correct forever, or be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000 the law includes around 20 exemptions, such as publicly traded companies, U.S. operating companies with 20 or more full-time employees and $5 million in sales, and some others, which means that the burden of this rule falls primarily on small businesses, including solopreneurs (aka one-person entities).
Imagine a data breach of this size all related to business information. The scams have already started.
FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.
“The fraudulent correspondence may be titled “Important Compliance Notice” and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.”
https://boiefiling.fincen.gov/
https://www.congress.gov/bill/116th-congress/house-bill/2513