Arival attains the SOC 2 compliance report
“Security is our middle name”. Arival had made security a central focus since our founding in 2019 and it’s something we pride ourselves deeply in. We’ve come a long way since then, creating an extensive IT Handbook, implementing all the necessary controls to protect the systems, and training all employees to think security-first.
Getting a SOC 2 certification is a big deal for us as it lives up to our compliance standards. This has been seen more and more in Fintech unicorns such as Paypal, Coinbase and Square. A SOC 2 is an audit that can ensure that FinTech can provide a secure operating environment to easily manage sensitive data and protect the organization’s interests and the privacy of its customers. An audit focuses on the internal controls an organization implements to manage customer service. The SOC 2 audit and reporting process is guided by a framework called the Trusted Service Standard. TSC is based on the five criteria shown in the figure:
As with SOC 1 audits, SOC 2 has two types of reports.
- SOC 2 Type I: This type of audit examination service organization is used to control one or all of the five trust service standards. This type of audit describes a service organization’s systems and ensures that controls are effectively designed to meet relevant trust standards at any time.
- SOC 2 Type II: This type of audit contains additional evidence that the service organization’s controls have been tested for operational effectiveness over a period of time. User organizations and audit teams usually choose 6 months for evaluation.
As more and more Fintech companies use the cloud to store customer data, SOC 2 Type II compliance is becoming increasingly important, particularly in the financial services sector. Although it is a “technical” audit, the test requires companies to establish and adhere to strict information security policies and procedures, including the security, accessibility, dispensation, honesty, and secrecy of customer data. Having this report also helps the service organization in other ways. This report is held by Arival with attestation from the certified audit firm. Feel free to reach out to us and learn more.
Here are 6 reasons to get a SOC 2 compliance report:
- Client order. Protecting client data from illegal access and theft is a top priority for our customers.
- Cost-effectiveness. You think audit costs are high? The average cost of one data breach is almost $4 million, and that number is increasing every year. These audits show proactive measures that can help prevent costly security breaches.
- Cheap Benefit. Having a SOC 2 report can give an organization an advantage over competitors who cannot demonstrate compliance.
- Peace of mind. By passing the SOC 2 audit, you can ensure the security of your system and network.
- Commitment. Because SOC 2 requirements are aligned with other frameworks including NIST and ISO 27001, obtaining certification can speed up an organization’s overall compliance efforts.
- Value. The SOC 2 report provides valuable insights into the organization and health security risks, supplier management, internal control governance, and regulatory oversight.
The Service Organization Controls (SOC) reports give assurance over control environments as they relate to Arival’s controls around security, availability, and confidentiality of customer data. The most prepared organizations can complete an audit in a matter of weeks, while others may need 18 months or more to implement the controls required for reliable service standards. Any questions to our security team are welcomed at security@ariv.al.
