IRVINE, Calif., March 05, 2018 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V:ID) (OTCQB:IDTLF) (Frankfurt:8ID) – announces a partnership with MaidSafe.net Ltd to address the network security implications of the impending European data handling regulation, General Data Protection Regulation (GDPR). Security must continually advance and provide technical improvements to handle the aggressive nature of cyber-criminals; one such area is decentralization, an architecture found in blockchain and expected to be an advancing technology for transaction storage purposes in the near future.
MaidSafe’s Secure Access for Everyone (SAFE) Network is the world’s first and only autonomous data and communications network. They are currently testing their technology with a large community of testers and intend to commercialize in 2018. The self-configuring SAFE Network automatically splits data into chunks and encrypts (utilising self-encryption) it before storing it at random locations selected by the network, providing state-of-the-art levels of data security and privacy. The company's current Alpha 2 release provides secure network access via the SAFE Browser as well as mobile platform support.
Nick Lambert COO at MaidSafe said, “We are enthusiastic about the partnership with Identillect as it is a natural fit, the two companies have differing but complementary technologies which create a substantial combined offering for enterprise security and GDPR compliance.”
Identillect is continually developing technology and creating new partnerships to advanced defense protocols in the effort to provide the most comprehensive security products on the market. The Company has created innovative email security solutions, secure scan technology, and advancement in blockchain for email to enhance audit verification and protection. Identillect will continually stay on the cutting-edge of technology which will lead the security industry.
Identillect’s CEO Todd Sexton stated, “Identillect is pleased to announce our newest partnership with MaidSafe, they are an innovative European company with real state-of-the-art technology. We believe there is tremendous opportunity to co-develop and are excited to see how we can jointly attack the GDPR market. Decentralization is being used in many new and progressive technologies and is expected to see advancements in the future.”
Identillect has engaged in a licensing agreement to be able to utilize and distribute MaidSafe’s decentralized network when ID’s clients require this additional level of security. This will allow Identillect to expand and provide additional storage levels to its clients in order to meet diversified needs. MaidSafe has signed a partner agreement to be able to distribute Identillect’s Delivery Trust® throughout Europe. Additionally, Identillect and MaidSafe are investigating some joint development opportunities which may expand product offerings in the future.
The GDPR is expected to grow the security market across Europe at significant rates. A recent survey by PwC asked C-level executives from large American multinational companies about their plans to address the pending GDPR. The survey showed over half said GDPR is their top priority, and 68% plan to spend between $1 and $10 million in preparation. Another article indicates, “Global 500 companies to spend $7.8B on GDPR compliance” and in a 2017 Veritas GDPR report, 900 business decisionmakers were interviewed and “32% of respondents are worried their organization doesn’t have the necessary technology to manage data effectively and will spend over (€1,360,567) Euros or $1,432,176 USD.” These regulatory demands are affecting businesses at every level and will create significant need for the correct security products.
MaidSafe is a company founded by David Irvine in 2006, which has a mission to provide security and privacy for everyone by building a better internet platform. This new platform is the SAFE Network, which is the world’s first autonomous and decentralised data network. The network is made up of the unused hard drive space, processing power and bandwidth of its users. The SAFE Network will include storage, peer-to-peer communications, transactions, internet functionality and a wide variety of apps to name a few of its features.
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.
Chief Executive Officer
Tel: (949) 468-7878
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.