Fobi Announces the Completion of SOC2 Type 1 Certification
VANCOUVER, British Columbia, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV FOBIF:OTCQB) (the “Company” or “Fobi”), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement, is pleased to announce that it has successfully completed the Service Organization Control (SOC) 2 Type 1 audit. The audit was conducted by AARC-360, a nationally recognized CPA firm, registered with the PCAOB, specializing in Assurance, Advisory, Risk, and Compliance services. This is a significant achievement, requiring a substantial financial and internal resource commitment, that positions Fobi very well with large corporations and government bodies who require SOC2 compliance in order to do business with them. It is also a significant 3rd party validation of Fobi’s internal and external processes highlighting Fobi’s high level operational execution.
“Obtaining the SOC 2 Type 1 certification reinforces Fobi’s ongoing commitment to the security, availability, and processing integrity of Fobi’s platform,” says Tamer Shafiq, CTO at Fobi. “Our clients can feel very confident that we are making every investment to establish and maintain the highest level of security and compliance.”
System Organization Control (SOC2) is a technical auditing process conducted by independent auditors who measure the availability, security, and integrity of an organization’s unique data processing systems, and determine whether effective safeguards and controls are in place. To comply with SOC2, Fobi demonstrated it had established rigorous policies and procedures in accordance with the Trust Services Criteria for security, availability and confidentiality. Additionally, the report verifies the existence of internal controls which have been designed and implemented to meet the requirements for the security principles. This independent validation of security controls is crucial for organizations operating in highly regulated industries such as financial services, which Fobi is now moving towards.
Fobi CEO Rob Anson stated: “The significance of this accomplishment cannot be understated as we have dedicated thousands of hours over the last 9 months in efforts to ensure a successful outcome.
Passing the SOC 2 audit gives us a distinct competitive edge as we can assure our current and various pilots and prospect customers in our pipeline that we have taken all steps necessary to keep their data safe, thereby protecting them from potential data breaches.
The SOC2 certification is a crucial component in securing government and enterprise contracts. The certification is also timely as we support Telus and other channel partners.
Until now we have been ineligible to participate in various RFP’s (Request For Proposals) and as a result we have lost out on many large scale projects due to the lack of possessing the SOC2 compliance and certification. The SOC2 certification will now enable us to pursue such organizatins as the Federal and Provincial Governments, Crown Corporations, Credit Unions, Banks, Credit Card Companies, Insurance Companies, and Merchant Payment and Finance Companies.
With Fintech becoming an immediate opportunity as a result of the PassWallet acquisition, we believe we are now positioned well to realize and achieve great success in 2022 as a result of our SOC2 certification.”
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi’s unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
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This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Fobi's business and technology; the ability of Fobi to engage with industry participants to achieve its goals; the development of Fobi's technology; and the viability of Fobi's business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fobi's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Fobi believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity, or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Fobi does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Fobi should be considered highly speculative. There can be no assurance that Fobi will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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