- President Biden signed an executive order aiming to re-establish a safe, legal pathway for data to travel from the U.S. to the EU
- Reklaim is disrupting the traditional advertising market by providing consensual data that brands need for efficient marketing
Anyone who has ever taken the time to read the lengthy user agreements required before using an application knows that it can be nothing shy of frightening to grant apps like TikTok potentially sensitive personal information. For years, mobile applications have collected hordes of user data, selling it to the highest bidder for “targeted marketing,” a practice through which products are linked to their most likely buyers. Luckily, things are changing. Thanks to new regulations and companies like Reklaim (TSX.V: MYID) (OTCQB: MYIDF), consumers are better protected and taking back rightful ownership of their information.
Users of Apple products have likely noticed popups reading “Allow ‘App’ to track your activity across other companies’ apps and websites?” when installing a new app. Launched with iOS 14.5 in April 2021, Apple’s App Transparency framework finally gave users an option to tell apps not to stalk them. Much to the dismay of advertisers and brands, users screamed their disapproval of being capitalized upon, as evidenced through a whopping 96 percent of users saying “no” to the “allow to track” prompt.
With protecting personal information, a top priority for the Biden administration, the president this month signed an executive order that re-imagines the transferring of data between the U.S. and the European Union. The new EU-U.S. Data Privacy Framework (EU-U.S. DPF) is designed to replace the EU-U.S. Privacy Shield that was struck down by the Court of Justice of the European Union (“CJEU”) in July 2020 after it replaced the Safe Harbor invalidated by the CJEU in October 2015 subsequent to Edward Snowden blowing the whistle on U.S. government surveillance programs.
The lack of an agreement between the U.S. and EU means that there has been no safe legal route for data transfer between the two. That, combined with Apple and other major tech companies cracking down on privacy, has upset the $257 billion global mobile advertising market, leaving companies searching for the data that undergirds their marketing efforts.
Reklaim has a refreshingly transparent solution: pay the consumers for their data. The company offers a privacy-compliant identity ecosystem, both online and via mobile app on iOS and Android, in the U.S and Canada. Reklaim believes that consumers own their data and, consequently, have the right to access their online data and choose how it is used, whether for compensation or privacy.
Through the Reklaim platform, consumers can see how their data is collected and, if they choose, receive payment for its use. In turn, Reklaim can provide advertisers and brands with data that is fully compliant with all privacy regulations.
“Data privacy regulations, which prevent the sale of unconsented data, are suffocating the revenues of legacy data companies whose business models are dependent upon this type of transaction,” Neil Sweeney, Chief Executive Officer at Reklaim, said in a recent press release. “As more legislation is passed, the need for Fortune 500 companies to find a new supplier of consented data at scale grows. Reklaim is the only destination for brands and companies to source high-fidelity, first-party consented profiles that do not violate data privacy regulations.”
Reklaim is using organic strategies in combination with acquisitions to grow its business. Late in September, the company inked a letter of intent to purchase the assets of Multimedia Lists Inc., a data broker currently operating in the U.S.
For more information, visit the company’s website at www.ReklaimYours.com.
NOTE TO INVESTORS: The latest news and updates relating to MYIDF are available in the company’s newsroom at https://ibn.fm/MYIDF
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