Flamingo AI earns top-level security certifications

Published at Apr 5, 2018, in Technology

Flamingo AI Limited (ASX:FGO) has today announced that it has achieved important, globally recognised security certification credentials — PCI (Payment Card Industry Data Security Standard) Compliance and SOC2 (Service Organization Control 2) Type 1 Certification.

This is a big achievement for FGO as certification is difficult to achieve and generally serves as a barrier to entry for players in this space.

PCI is a set of security standards to ensure that those companies which accept, process, store or transmit credit card information maintain a secure environment. With the company now PCI compliant, it has both the underlying technology to securely handle credit card transactions and card holder information, as well as the practices and procedures to support a secure environment.

In engaging with or winning new customers, particularly Fortune 100 or ASX 100 clients, an important aspect of FGO’s product offering is its extremely high level of security processes and technological capabilities. PCI compliance is mandatory for any company handling highly sensitive customer data from clients, especially in the highly regulated Financial Services sector.

Beyond PCI compliance, FGO has also obtained SOC2 Type 1 Certification. The criteria for SOC2 focus on managing customer data based on five “trust service principles”— security, availability, processing integrity, confidentiality and privacy. As such, a company which receives SOC2 Type 1 Certification is determined to have comprehensive security practices and procedures. The process is completed via a report compiled by a third party which is then SOC2 approved.

Next, FGO will seek to obtain SOC2 Type 2 Certification, which means that the practices and procedures outlined in the report can be proved to have been effective at the company for a period of nine months.

Both certifications are somewhat difficult to obtain, but the upside is that they are recognized at a global level. The benefits for FGO will include faster security review processes with new clients, access to new markets such as the credit card sector, as well as giving a significant edge to the company over un-certified competitors.

It should be noted however that this remains a speculative stock and investors should seek professional financial advice if considering this stock for your portfolio.

Flamingo AI’s Chief Technology Officer, Joe Waller commented on today’s announcement: “Obtaining either one of these accreditations is no small undertaking and it is highly unusual that an early stage company is able to obtain these important qualifications. This will now mean a much faster engagement with clients as significant hurdles around trust and security can be overcome through these certifications. We are very pleased, and I am enormously proud of the team.”

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