- Meta was recently fined $275 million by the Irish Data Protection Commission stemming from a hack in 2019, which led to the leak of over 533 million users’ personal data
- By 2023, over 65% of the world’s population is set to be subject to data protection laws, up from only 10% in 2020
- This number is set to gain further impetus with the recent passing of the U.S. ADPPA law, which will afford U.S. internet users similar rights to those granted under the European Union’s GDPR laws
- Reklaim Ltd. has looked to assist companies in incorporating the demands of a rapidly evolving privacy landscape into their data strategies
In the weeks leading up to August 2019, matters were tense at Meta (previously Facebook). A security hack had exposed personal information on over 533 million Facebook users spread across 106 countries. The social media company subsequently revealed that it had discovered and fixed the issue in August 2019, expressing confidence that the same route could no longer be used to scrape data. Less than 24 months later, phone numbers, full names, locations, and email addresses drawn from the hacked user profiles were posted to an amateur hacking forum (https://ibn.fm/vOKpp).
The matter has now come to a head, with Ireland’s Data Protection Commission fining Facebook parent Meta roughly $275 million – taking the cumulative fines the regulator imposed on Meta since last year to over $900 million. With data privacy regulations turning increasingly stringent, companies and users alike have placed greater emphasis on safeguarding their online data – a phenomenon that Reklaim (TSX.V: MYID) (OTCQB: MYIDF) has sought to address.
By 2023, 65% of the world’s population is set to have its personal data covered under modern privacy regulations, up from a mere 10% in 2020 (https://ibn.fm/Gbm5K).
“With more countries introducing modern privacy laws in the same vein as the General Data Protection Regulation (‘GDPR’), the world has reached a threshold where the European baseline for handling personal information is now the de facto global standard,” Nader Henein, research vice president at Gartner, said in a news release.
The strong momentum underpinning the expansion of global data privacy laws has made it imperative for businesses to incorporate the demands of a rapidly evolving privacy landscape into their data strategies. A failure from a business’s security and risk management department to adapt their personal data handling practices could increasingly expose the company to loss through fines or reputational damages, as highlighted by Meta’s recent travails.
The ongoing evolution of consumer data and privacy rules has largely influenced Reklaim Ltd.’s business model. The company’s revolutionary systems allow consumers to log in to its platform and confirm their identity, unlocking data collected on them that has been bought and sold for years without their explicit consent. At that point, consumers can take control of their data and, if they choose, receive compensation for its use.
With consent secured, Reklaim offers the data to Fortune 500 brands, platforms, and data firms. The company also has a subscription service for consumers that shrinks the amount of data leaking from their devices and delivers alerts on password and third-party data breaches (https://ibn.fm/0O5Hs).
Reklaim’s data provision services have gained additional relevance amidst a spate of new consumer privacy regulations coming into effect. The recently passed federal American Data Privacy and Protection Act (“ADPPA”), a new privacy law promising Americans many of the same consumer privacy rights as the European Union’s General Data Protection Regulation (“GDPR”), will make the protection of online consumer data privacy a nationwide requirement.
Meanwhile, on a state level, the California Consumer Privacy Act (“CCPA”) will become fully operational as of January 1, 2023, with the regulations affording consumers the right to know about the personal information a business collects about them as well as how it is used and shared (https://ibn.fm/L64ru).
With the data privacy market in the U.S. and globally set to grow at a breakneck pace in the coming years, Reklaim Ltd. looks well positioned to capitalize.
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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