Cyngn Engages Drata to Pursue SOC 2 and ISO 27001 Compliance as Part of Broader Cybersecurity Program
Rhea-AI Summary
Cyngn (NASDAQ: CYN) has announced a partnership with Drata to pursue SOC 2 Type II and ISO 27001 certifications as part of its enhanced cybersecurity program. The company has implemented a bug bounty program for third-party vulnerability reporting, which recently helped identify and resolve a minor configuration issue in a vendor-managed development environment.
The company has engaged Prescient Security as the independent auditor for both certifications and has retained specialized legal counsel for data privacy and cybersecurity matters. Cyngn maintains cyber insurance as part of its comprehensive risk management approach.
Positive
- Implementation of bug bounty program demonstrates proactive security measures
- Partnership with Drata shows commitment to achieving industry-standard security certifications
- Quick response to identified security issues indicates effective risk management
Negative
- Recent security configuration issue in third-party vendor environment indicates potential vulnerabilities
News Market Reaction – CYN
On the day this news was published, CYN declined 1.62%, reflecting a mild negative market reaction. Argus tracked a peak move of +4.4% during that session. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $836K from the company's valuation, bringing the market cap to $51M at that time.
Data tracked by StockTitan Argus on the day of publication.
The engagement with Drata is part of a broader, ongoing initiative to strengthen Cyngn's security posture. As part of this work, the company has established a bug bounty program that invites third-party researchers to responsibly report potential vulnerabilities. One such report recently helped identify and close a minor configuration issue in a development environment managed by a third-party vendor, Mismo. The issue was promptly resolved, and no personally identifiable information or material nonpublic data was exposed, demonstrating the value and importance of such a program.
"Security has always been a core focus at Cyngn," said Sean Stetson, Cyngn's VP of Product and Technology. "From our internal protocols to our partnerships with vendors and researchers, we are continually evolving our approach to ensure the highest standards of protection across our operations."
Prescient Security will serve as the independent auditor for both the SOC 2 and ISO/IEC 27001 certifications. In addition, Cyngn has retained specialized legal counsel in data privacy and cybersecurity and maintains cyber insurance as part of its layered risk management strategy.
About Cyngn
Cyngn develops and deploys autonomous vehicle technology for industrial organizations like manufacturers and logistics companies. The Company addresses significant challenges facing industrial organizations today, such as labor shortages and costly safety incidents.
Cyngn's DriveMod technology empowers customers to seamlessly bring self-driving technology to their operations without high upfront costs or infrastructure installations. DriveMod is currently available on Motrec MT-160 Tuggers and BYD Forklifts.
The DriveMod Tugger hauls up to 12,000 lbs, travels inside and out, and targets a typical payback period of less than 2 years. The DriveMod Forklift lifts heavy loads that use non-standard pallets and is currently available to select customers. For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025.
Investor Contact:
Natalie Russell, Interim CFO
investors@cyngn.com
Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com
Where to Find Cyngn:
- Website: https://cyngn.com
- X: https://x.com/cyngn
- LinkedIn: https://www.linkedin.com/company/cyngn
- YouTube: https://www.youtube.com/@cyngnhq
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE Cyngn
FAQ
What security certifications is Cyngn (CYN) pursuing in 2025?
Who is the independent auditor for Cyngn's security certifications?
What security measures has Cyngn implemented in 2025?
Was any sensitive data exposed in Cyngn's recent security configuration issue?
