Project objective
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Valeur
543 738 $
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Contribution Prompt
271 869 $
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Durée
12 mois
Logient is aiming for SOC2+ Type 2 certification with ‘trust principal’ Security & Privacy.
Our growth plans target expansion in North America, where this standard is more widely recognized. The addition of the Privacy component will facilitate compliance with personal information requirements (e.g. Bill 25).
Access control and data security management, as well as the development and operation of customized software solutions, are essential to our operations and business model. Our SOC2 certification initiative serves to protect our existing customers and revenues, and will facilitate our growth. This type of certification is generally a prerequisite for public tenders. Logient has had to decline bids for some $3M of projects in the past year. The majority of target customers and industries require this type of certification.
Our customers require proof of $5M insurance. At the time of our annual insurance renewal, 4 insurers refused to bid, deeming our sector of activity too risky. Logient could be forced to cease operations if we lose our insurance coverage.
Many customers require a business continuity plan and a disaster recovery plan, which Logient does not have. With boards of directors increasingly averse to security risks, Logient would be at risk of losing around $6M in revenues should these waivers be withdrawn. SOC 2 Type 2 requires these 2 plans.
Organisation (s)
