• 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…

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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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