Rekor Secures SOC2 Type II Certification, Setting Standard for Roadway Data Protection

Rhea-AI Summary

Rekor Systems, Inc. (NASDAQ:REKR) has announced that its Rekor Scout® and Rekor Discover™ platforms have successfully completed the SOC 2 Type II audit, joining the already SOC 2 compliant Rekor Command™ platform. This certification, conducted by KPMG, affirms Rekor's commitment to high standards of security and operational excellence. The SOC 2 Type II compliance covers five 'Trust Service Criteria': security, availability, processing integrity, confidentiality, and privacy.

CEO David Desharnais emphasized that this achievement reinforces clients' trust in Rekor's data management capabilities. The company's platforms provide AI-driven solutions for public safety, traffic analytics, and roadway intelligence. This certification follows Rekor's introduction of advanced cybersecurity capabilities in May 2024, aligning with emerging government AI and cybersecurity policies.

Positive

• Achieved SOC 2 Type II certification for Rekor Scout® and Rekor Discover™ platforms
• Rekor Command™ platform was already SOC 2 compliant
• Demonstrates commitment to high standards of security and operational excellence
• Reinforces client trust in data management capabilities
• Aligns with emerging government AI and cybersecurity policies

Negative

• None.

Tech Expert

Rekor's achievement of SOC2 Type II certification for its Rekor Scout® and Rekor Discover™ platforms is a significant milestone in data security. This certification, conducted by KPMG, validates Rekor's commitment to robust security practices and operational excellence. For investors, this enhances Rekor's credibility in the competitive roadway intelligence technology market.

The certification's impact extends beyond mere compliance. It strengthens Rekor's market position, potentially attracting security-conscious clients, especially in government and public safety sectors. This could lead to increased market share and revenue growth. Moreover, with the rising importance of data protection, this certification might become a key differentiator in future contract bids.

However, investors should note that while this certification is valuable, it's not a guarantee against all security risks. Continuous investment in cybersecurity will be important for Rekor to maintain its competitive edge in this rapidly evolving technological landscape.

Market Research Analyst

Rekor's SOC2 Type II certification for its key platforms is a strategic move that aligns with growing market demands for data security in smart city and transportation technologies. This certification could potentially expand Rekor's addressable market, particularly among risk-averse clients like government agencies and large corporations.

The roadway intelligence market is projected to grow significantly, driven by smart city initiatives and the need for efficient traffic management. Rekor's enhanced security credentials position it to capitalize on this growth trend. However, investors should consider that while this certification is valuable, it's becoming increasingly common in the industry. The long-term competitive advantage will depend on Rekor's ability to innovate and deliver superior solutions consistently.

Financially, while the certification might not have an immediate impact on revenue, it could improve sales cycles and customer retention in the medium to long term, potentially leading to more stable and predictable cash flows.

Rekor provides Rekor Scout®, Rekor Discover™, and Rekor Command™ Customers with Certifiable Confidence and Trust in Data Security

COLUMBIA, MD / ACCESSWIRE / August 21, 2024 / Rekor Systems, Inc. (NASDAQ:REKR), a leader in developing and implementing state-of-the-art roadway intelligence technology, today announced that its Rekor Scout® and Rekor Discover™ platforms have successfully completed the Service Organization Control (SOC) 2 Type II audit, joining the already SOC 2 compliant Rekor Command™ platform. This achievement highlights Rekor's ongoing commitment to the highest standards of security and operational excellence.

The SOC 2 Type II audit, a rigorous auditing standard developed by the American Institute of Certified Public Accountants (AICPA), was conducted by KPMG, one of the world's leading professional services firms. The audit measures Rekor's internal controls, policies, and procedures against stringent security and operational standards defined by the SOC 2 framework. This certification is a critical affirmation of the suitability of Rekor's systems' design and its controls' operating effectiveness relevant to SOC 2 security criteria.

"The affirmation of SOC 2 compliance marks a significant accomplishment for Rekor and our Rekor Scout® and Rekor Discover™ platforms," said David Desharnais, CEO of Rekor Systems. "This certification highlights our commitment to ensuring our customers' highest level of data security. It also reinforces our clients' trust in us to manage their data with the utmost care and protection."

The SOC 2 certification defines criteria for managing customer data based on five "Trust Service Criteria"-security, availability, processing integrity, confidentiality, and privacy. Achieving SOC 2 Type II compliance means that Rekor implements critical security policies and has proven ongoing compliance over an extended period.

The Rekor Scout® platform provides a powerful, user-friendly, AI-driven software solution for public safety. It delivers industry-leading accuracy, real-time alerting, sophisticated investigative tools, searchable databases, individual and shared hotlists, flexible data retention, and more. Using proprietary AI algorithms, Rekor Scout® enables accurate vehicle and license plate recognition on nearly any IP, traffic, or security camera, extracting license plate numbers, state of origin, vehicle make, model, color, direction of travel, vehicle type, and more.

The Rekor Discover™ platform uses artificial intelligence and high-resolution video streams to fully automate the capture of comprehensive traffic and vehicle analytics across a variety of use cases. The Class, Count, and Speed application within Rekor Discover™ fully automates the safe capture of FHWA 13 vehicle classifications, vehicle counts, and speed utilizing high-resolution video streams to deliver federally required roadway ground truth studies.

The Rekor Command™ platform uses proprietary AI algorithms and technology to transform raw roadway and mobility data into actionable insights, enabling customers to make informed, real-time, and predictive decisions at greater speed. Using Rekor Command™, agencies can more quickly identify and respond to incidents, enhance Traffic Incident Management (TIM) timelines, improve traffic flow, minimize the risk of secondary accidents, decrease operational costs, boost efficiency, and enhance safety for roadway users and emergency responders.

This SOC 2 Type II compliance achievement builds on Rekor's continued commitment to cybersecurity, as demonstrated by the Company's May 2024 announcement introducing cutting-edge cybersecurity capabilities. Rekor's Edge AI-powered systems now feature real-time threat detection, dynamic monitoring, anomaly analysis, and automated incident response, further enhancing the security of state transportation infrastructure. This ongoing investment aligns with emerging government AI and cybersecurity policies, solidifying Rekor's role as a trusted partner in safeguarding the nation's transportation networks.

About Rekor Systems, Inc.

Rekor Systems, Inc. (NASDAQ:REKR) is a leader in developing and implementing state-of-the-art roadway intelligence systems using AI-enabled computer vision and machine learning. As a pioneer in the implementation of digital infrastructure, Rekor is collecting, connecting, and organizing the world's mobility data - laying the foundation for a digitally-enabled operating system for the roadway. With our Rekor One® Roadway Intelligence Engine at the core of our technology, we aggregate and transform trillions of data points into intelligence through proprietary computer vision, machine learning, and big data analytics that power our platforms and applications. Our solutions provide actionable insights that give governments and businesses a comprehensive picture of roadways while providing a collaborative environment that drives the world to be safer, greener, and more efficient. To learn more, please visit our website: https://rekor.ai, and follow Rekor on social media on LinkedIn, X (formerly Twitter), Threads, and Facebook.

Forward-Looking Statements

This press release and its links and attachments contain statements concerning Rekor Systems, Inc. and its future expectations, plans, and prospects that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the impact of Rekor's core suite of AI-powered technology and the size and shape of the global market for the Company's products and services. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue," by the negative of these terms or by other similar expressions. You are cautioned that such statements are subject to many risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risk that actual circumstances, events or results may differ materially from those projected in the forward-looking statements, particularly as a result of various risks and other factors identified in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events, or otherwise.

Media & Investor Relations Contact:

Rekor Systems, Inc.
Charles Degliomini
ir@rekor.ai

SOURCE: Rekor Systems, Inc.

View the original press release on accesswire.com

FAQ

What certification did Rekor Systems (REKR) recently achieve for its platforms?

Rekor Systems (REKR) recently achieved SOC 2 Type II certification for its Rekor Scout® and Rekor Discover™ platforms, joining the already SOC 2 compliant Rekor Command™ platform.

Who conducted the SOC 2 Type II audit for Rekor Systems (REKR)?

The SOC 2 Type II audit for Rekor Systems (REKR) was conducted by KPMG, one of the world's leading professional services firms.

What are the five 'Trust Service Criteria' covered by Rekor's (REKR) SOC 2 Type II certification?

The five 'Trust Service Criteria' covered by Rekor's (REKR) SOC 2 Type II certification are security, availability, processing integrity, confidentiality, and privacy.

When did Rekor Systems (REKR) introduce new cybersecurity capabilities?

Rekor Systems (REKR) introduced new cybersecurity capabilities in May 2024, featuring real-time threat detection, dynamic monitoring, anomaly analysis, and automated incident response.