Why is SOC 2 compliance important?

Vaultree has recently announced we’re officially SOC 2 Type II Compliant.

Let’s break down what exactly SOC 2 compliance is, and its importance on how an organisation should manage customer data.

SOC 2 compliance is essential for organisations that handle sensitive data, ensuring that their systems and processes are secure and meet industry standards. SOC 2 compliance is relevant for a variety of industries, including businesses that handle personal or financial information, cloud service providers, and software-as-a-service (SaaS) companies. Here’s why:

• Protecting sensitive data: SOC 2 compliance helps to ensure that an organisation’s systems and processes are secure and that sensitive data is protected from unauthorised access or leak.
• Building trust: Customers, especially those in regulated industries, often require that organisations comply with industry standards. Achieving SOC 2 compliance demonstrates that an organisation takes data security seriously, which builds customer trust.
• Meeting regulatory requirements: Some industries, such as healthcare and finance, have specific regulatory requirements related to data security. Achieving SOC 2 compliance can help organisations meet these requirements and avoid fines and penalties.
• Reducing risk: By following industry-standard security practices and procedures, organisations can reduce the consequences of data breaches and other cybersecurity incidents that can potentially harm their businesses.

Encryption and SOC 2 Compliance

Encryption converts plaintext (unencrypted data) into ciphertext (encrypted data) using a mathematical algorithm called a cypher. The encrypted data can only be decrypted and read by someone with the appropriate decryption key. Encryption is an essential tool for protecting data from unauthorised access, making it much more difficult for an attacker to access or read the data.

There are several encryption algorithms, each with its strengths and weaknesses. Some of the most commonly used encryption algorithms include AES (Advanced Encryption Standard), RSA (Rivest-Shamir-Adleman), and Blowfish.

In SOC 2 compliance, encryption is relevant because it helps to protect sensitive data from unauthorised access and ensures that it remains confidential. This is particularly important for companies that handle sensitive financial, personal, or healthcare information, as any data breach could have severe consequences for the company and its customers.

Vaultree’s SDK + SOC 2 compliance

Vaultree’s SDK is a SOC 2 compliant set of tools and libraries that makes it easy for developers to incorporate encryption into their applications. One key benefit of using Vaultree’s SDK is that it allows organisations to securely store and process sensitive data without sacrificing performance.

Traditional encryption methods can slow down data processing, but Vaultree’s SDK is designed to be highly efficient and does not impact performance. Another benefit of using Vaultree’s SDK is that it is easy to implement and use. The software is fully compatible with many applications and platforms, making it a convenient and effective solution for organisations looking to achieve SOC 2 compliance. Our internal SOC 2 compliance audit assures our customers can place full confidence in our solution. Here’s how it works.

Vaultree’s SDK helps companies meet their encryption needs, including:

• A simple, easy-to-use interface that makes it easy for developers to integrate encryption into their applications
• Support for multiple encryption algorithms, including AES, RSA, Twofish, Blowfish and others
• A secure key management system to ensure that keys are stored and managed securely on the client-side
• Auditing and logging capabilities to help track the use of encryption and identify any potential issues

As you can see, encryption is an essential component of SOC 2 compliance and using an SDK like Vaultree’s can help companies ensure that they are using encryption effectively to protect sensitive data.

About Vaultree

Vaultree has developed the world’s first Fully Functional Data-in-Use Encryption solution that solves the industry’s fundamental security issue: persistent data encryption, even in the event of a leak. Vaultree enables enterprises, including those in the financial services and healthcare / pharmaceutical sectors, to mitigate the great financial, cyber, legal, and business risk of a data breach in plain text. With Vaultree, organisations process, search, and compute ubiquitous data at scale, without ever having to surrender encryption keys or decrypt server-side. If a leak occurs, Vaultree’s data-in-use encryption persists, rendering the data unusable to bad actors. Integrating Vaultree into existing database technologies is seamless, requiring no technology or platform changes. Vaultree is a privately held company based in Ireland and the U.S.

For more information, please visit www.vaultree.com.