(MENAFNEditorial) IRVINE, Calif., April 09, 2018 (GLOBE NEWSWIRE) -- Identillect Technologies Corp. (the "Company" or "Identillect") (TSX-V: ID ) (OTCQB:IDTLF) (Frankfurt: 8ID ), a trusted leading provider of SaaS email security today announced another quarter of positive growth for Q1 2018. Identillect has seen subscriber growth of 35 percent increase from Q1 2017 to Q1 2018.
Identillect CEO Todd Sexton stated, "We are seeing growth in the medical, dental, title/escrow, legal, financial, and mining industries. Regulatory demands continue to change the way corporations look at maintaining security measures as the fines and implications have greater implications and can create true hardship for organizations. Consumers have become hyperaware when organizations lack proper security measures and often times are the reason why investigations or audits are commenced on organizations.'
This is additionally seen on an international stage with just 45 days remaining until May 25th, 2018, when the General Data Protection Regulation (GDPR) will be enacted which will change the way businesses are required to secure client data. This regulation is affecting 27 countries which comprise the European Union (EU) and all countries which do business with EU companies. GDPR compliance , security best practices dictate all data, regardless if at-rest or in-transit, must be encrypted to comply with the regulation.
With the GDPR's date so quickly approaching, talks have ignited in the United States and Canada about increasing federal regulations to emulate the provisions of the GDPR. Where this will end up is yet to be determined but the intensity of regulatory demands is expected to continually rise. Initially there was a prevailing thought that 'U.S. companies which have no direct business operations in any one of the 28-member states of the European Union. They have nothing to worry about, right? Not True. Any U.S. company which has a Web presence (and who doesn't?) and markets their products over the Web has work to do to continue to do business in Europe.'
GDPR is addressing a significant problem, as HIPAA (Health Insurance Portability and Accountability Act) is attempting to address in the United States. The statistics are overwhelming of data breaches and this is causing significant growth in the need for cybersecurity products. Between 2009 and 2017 healthcare data breaches have resulted in the theft/exposure of 176,709,305 healthcare records. This equates to more than 50% of the population of the United States (54.25%). Healthcare data breaches are now being reported at a rate greater than one per day.
As the growing threat of cyber-attacks fuels the growth of the cyber security industry, the email encryption market will grow as well, estimated to be worth more than $4.21 Billion USD by 2020. Email-borne cyber-attacks are the second most common type of cyber security breach according to the Identity Theft Center with the average cost of a data breach now estimated at more than $3.62 million.
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:
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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.
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