Fobi Announces the Completion of SOC2 Type 1 Certification
November 22 2021 - 5:00AM
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 organizations 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.”
This Press Release Is Available on the Fobi Website, as
well as the FOBI Verified Forum On AGORACOM For
Shareholder Discussion And Management Engagement.
About Fobi
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.
For more information, please contact:
Fobi AI Inc. |
Fobi Website: www.fobi.ai |
Rob Anson, CEO |
Facebook: @ Fobiinc |
T : +1 877-754-5336 Ext. 3 |
Twitter: @ Fobi_inc |
E: ir@fobi.ai |
LinkedIn: @ Fobiinc |
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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