- Data Protection has increasingly become a focus around the globe, with the United States and Europe recently agreeing to implement a joint data privacy framework
- With one small company said to be successfully hacked every 19 seconds, losses attributed to data breaches in the United Kingdom alone amount to over £4 billion per annum
- Reklaim has centred its business model around enabling users to reclaim their data, delete it or in its stead, monetize it
- The company recently entered a non-binding letter of intent to purchase US-based Multimedia Lists to expand its top-line revenue and profitability further
In 2004, Philip Cummings pleaded guilty to one of the most significant identity theft cases in the United States. Cummings worked at a desk job at Teledata Communications, Inc. in Long Island, New York, helping companies run routine credit checks. On the day he resigned, Cummings packed up his desk – along with the passwords of 33,000 of the company’s clients. Cummings would go on to sell the sensitive data to criminals who would use it to drain bank accounts and open new lines of credit, with total losses pegged by the Government at upwards of $100 million (https://ibn.fm/KfBlo). While enormous, the scale of losses generated by Cummings’ actions is increasingly trivial in today’s online world. In the United Kingdom alone, one small business is hacked every 19 seconds, with data breaches driven by identity theft reportedly costing the nation over £4 billion in losses every year (https://ibn.fm/cJEGS). It is this growing phenomenon that companies like Reklaim (TSX.V: MYID) (OTCQB: MYIDF) seek to tackle.
Reklaim’s creation was a by-product of the ongoing evolution of data privacy and its impact on consumers and companies. The company’s revolutionary system allows consumers to log in to their platform and confirm their identity, unlocking data collected on them that has been bought and sold for…
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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