At FinMkt, we continually invest in security best practices to ensure that our client’s data stays safe and secure. As a part of an on-going effort, we are excited to announce that we’ve successfully completed our Type 2 SOC 2 Assessment report again.
The examination was conducted by A-LIGN, a technology-enabled security and compliance firm trusted by more than 4,000 global organizations to help mitigate cybersecurity risks. “FinMkt’s SOC 2 report validates its commitment to data security and protection, as well as compliance with critical standards to mitigate cybersecurity threats.”
What is a SOC 2 report and what does it mean for FinMkt? In this article, we will walk you through the ins and outs of a SOC 2 report and how the report symbolizes trust to clients.
A SOC 2 report addresses risks associated with the handling and access of data, and can be used by a variety of organizations of any size (e.g. SaaS, colocation, data hosting, etc.) Rather than a cybersecurity assessment that evaluates specific technical configurations, a SOC 2 report focuses more on how an organization implements and manages controls to mitigate the identified risks to the different parts of an organization.
The SOC 2 audit testing framework is based off of the Trust Services Criteria (TSC), which are used to identify various risks (points of focus) an organization should consider addressing. Based on the TSCs the organization selects to be in-scope, the third-party compliance and audit firm (in our case, A-LIGN) evaluates whether the organization has the appropriate policies, procedures and controls in place to manage the identified risks effectively.
There are five Trust Services Criteria. The first criteria, Security, must be included with every SOC 2 report and is referred as the “Common Criteria”. The remaining four are optional to include:
In order to pass a SOC 2 examination and receive a letter of attestation successfully, it means an organization is addressing controls in areas such as information security, access control, vendor management, system backup, business continuity and disaster relief, and more.
Organizations of all sizes and industries can benefit from a SOC 2 Examination, as the audit can be performed for any organization that provides a variety of services to its customers. A SOC 2 report highlights the controls in place that protect and secure an organization’s system or services used by its customers. The scope of a SOC 2 Examination extends beyond the systems that have a financial impact, reaching all systems and tools used in support of the organization’s system or services.
Today, many organizations outsource their business operations and services to third-party vendors, possibly putting client data at risk. For this reason, organizations request that their vendors achieve SOC 2 compliance to demonstrate rigorous IT security standards. Some additional reasons to consider a SOC 2 report for your organization include:
For more information visit FinMkt please contact FinMkt at https://www.finmkt.io/contact
