IRVINE, Calif., Feb. 28, 2018 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V:ID) (OTCQB:IDTLF) (Frankfurt:8ID) – announces the Company advances its blockchain technology to handle the pending demand from the new European data handling regulation, General Data Protection Regulation (GDPR). This regulation is pervasive across all of Europe and affects companies in the United States and Canada that do business in Europe. The regulation becomes active in May 2018 and is one of the strictest data handling regulations ever written requiring companies to protect customer information.
As regulations advance across Europe, the development of security technology is critical for businesses to comply with the GDPR. Identillect has continued to advance technology and works to progress partnerships to make Delivery Trust® a top selected product when businesses are looking to meet GDPR requirements. Blockchain has been recognized as a technology which is sought after to assist businesses to meet and exceed GDPR regulations. Identillect has made recent developments with blockchain technology to enable companies across Europe to meet GDPR regulations which will imminently affect businesses.
A BBN Times article stated, “To meet GDPR compliance, the creation of permissioned blockchain networks has proved helpful. With permissioned blockchain networks, a consumer can sign on the provision of information to a vendor with their digital identity.” The regulatory demands of the GDPR places significant requirements on businesses to ensure the protection of personal identifying information and the use of email security and blockchain management of information provides this.
A recent Computer Weekly article, How to improve security against email attacks and for GDPR compliance, quoted alarming statistics from Symantec’s 2017 report, “email malware rate has increased to 1 in every 359 emails. Phishing emails have also increased to 1 in every 1,968 emails.” The security of email is a critical component to protecting client information and complying with the GDPR.
Identillect’s secure email encryption platform with blockchain technology, Delivery Trust®, protects information in transit and at rest from cyber security threats. Email security is a vital component to complying with these changing regulations.
Canada has also proposed reform to their current data handling regulation, The Personal Information Protection and Electronic Documents Act (PIPEDA). The last major change to PIPEDA came in 2015, when the Digital Privacy Act passed into law. This made it mandatory for organizations to report any data breaches to the OPC (Office of Privacy Commissioner) , or face fines of up to $100,000. There are significant efforts underway to attempt to reform this regulation to emulate the GDPR. A recent article, Calls grow for Canada to modernize privacy laws amid EU changes, states, “Adequacy status is important, because it allows for fluid exchange of personal information between the EU and Canada for commercial purposes. It paves the way for Canadian companies to do business with firms and consumers in Europe.”
“Canadian regulations are expected to change to meet GDPR standards and Identillect is positioned to assist businesses across the EU, Canada and the U.S. to meet and exceed these regulations with Delivery Trust. Identillect will continually advance partnerships in Europe to help companies meet these requirements,” said Identillect CEO Todd Sexton.
About Identillect
Identillect Technologies is the leading provider of email encryption service Delivery Trust®, empowering enterprises of all sizes to protect their business and their client’s critical information against cyber security attacks.
Delivery Trust® is an award -winning, multi-platform plug-in, which gives users complete control of their emails, for one low price. One simple integration complies with all regulations and most importantly provides peace of mind.
For more information, or your free trial, please visit www.identillect.com
On Behalf of the Board of Directors of:
IDENTILLECT TECHNOLOGIES CORP.
Todd Sexton
Chief Executive Officer
Tel: (949) 468-7878
Email: todd.sexton@identillect.com
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This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.