Artificial Intelligence Technology Solutions, Inc., today announced successful completion of their SOC 2 Type 1 examination. This achievement reflects the company’s stated goals of best-in-class data protection and internal processes. The audit, conducted by Geels Norton LLC, confirms that AITX’s, and its subsidiary’s practices, policies, procedures, and operations meet the SOC 2 categories for security, availability, and confidentiality.
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“This achievement required a sizable amount of effort in documenting and tightening our processes, and completes our transition from being a small, casual organization into a modern corporation,” said Steve Reinharz, CEO of AITX. “We’ve now satisfied many of America’s foremost businesses that require their partners and vendors adhere to the highest standards regarding their data and security.”
The SOC 2 Report has become a benchmark standard, and now an often-specified requirement, in the software procurement process. Established by the American Institute of Certified Public Accountants (AICPA), criteria and reporting principles are outlined as a means for organizations to create a documented framework of policies and procedures to prove how they manage and secure data in the cloud and ensure protection of customer privacy and ensure internal communications are suitably handled.
“The SOC 2 audit across all AITX subsidiaries was a big investment in time and resources. As a handler of confidential customer data, we’ve voluntarily met the exacting standards and industry benchmarks of the AICPA which reflects our client commitment where security and control standards are concerned,” said Anthony Brenz, CFO of AITX. “I expect that we will continue to achieve various certifications including ISO 27001. Implementation of our ERP is scheduled for March 1 and will contribute to efficient scalability while maintaining compliance with the high bar of standards we’ve committed to.”
Along with existing security protocols, this new certification is representative of AITX’s ongoing efforts to ensure the safety of customers’ data. This dedication to security is critical to fulfilling the Company’s mission of empowering organizations to gain new insight, solve complex challenges, and fuel new business ideas at a reduced cost.
“From a client’s perspective, I understand being hesitant about doing business with a security device manufacturer that could not substantiate SOC 2 compliance as a minimum standard,” Reinharz added. “We recognize that these types of compliance certifications are not only good for our organization internally but are the standard for operating a high-quality business that our clients expect.”
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“Issuance of AITX’s SOC 2 Type 1 report demonstrates their commitment to implementing an internal control environment focused on protecting the security and confidentiality of customer information, and the availability of AITX’s Automated Security Monitoring system,” said Nick Norton, Chief Visionary & Client Champion at Geels Norton LLC.
AITX confirmed that it has entered a SOC 2 Type 2 audit observation window that is expected to culminate in a Type 2 certification report in 2022. SOC 2 reports will be made available to current or potential customers upon execution of a non-disclosure agreement and some highlights may be publicly posted on AITX and RAD websites.
“I view being SOC 2 compliant as a must-have when serving Fortune 500 businesses and other clients. Working through this process did not require significant modification to the systems we’ve delivered to clients as security is in our DNA and the penetration testing, we performed checked us out just fine, but the internal changes required were significant. It’s fantastic to have worked through the details on how we can scale with the highest standards and that’s exactly what we’re going to do,” commented Mark Folmer, President of AITX wholly-owned, and primary revenue driving subsidiary, Robotic Assistance Devices (RAD).
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
