Fobi Announces the Completion of SOC2 Type 1 Certification
This certification positions Fobi extremely well to grow business in the Enterprise, Government and Fintech segments
Fobi AI Inc., 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.”
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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.
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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.”
