February 6th, 2024 – Ensuring the utmost security and trust in data management is critical for Trustpair, a platform dedicated to safeguarding financial transactions and preventing fraud for Enterprise companies. We are thrilled to announce a significant milestone in our commitment to security and reliability: Trustpair has successfully obtained SOC 2 Type 2 compliance. This achievement not only reinforces our dedication to high-standard data protection but guarantees the safety of our clients’ and partners’ information.
“Being SOC2 Type 2 compliant aligns with our commitment to data security and protection. It demonstrates our dedication to maintaining the highest standard in terms of security and it also helps us reinforce trust with clients and partners.” Simon Elcham, Trustpair CTO
Understanding SOC 2 Type 2 compliance
SOC 2 is a framework developed by the American Institute of CPAs (AICPA), focusing on the management of customer data based on five “trust service principles”: security, availability, processing integrity, confidentiality, and privacy. Trustpair focused specifically on security, availability, and confidentiality.
“It’s internationally recognized as a standard and ensures that companies dealing with sensitive information handle data most securely. The main goal is to establish and adhere to strict procedures regarding the security and policies around data management. There are specific criteria regarding security, availability, and confidentiality to respect. “ Simon Elcham, Trustpair CTO
Unlike its counterpart, SOC 2 Type 1, which assesses the design of security processes at a specific point in time, SOC 2 Type 2 extends this evaluation over a period, typically a minimum of three months, providing a more comprehensive assurance of ongoing operational effectiveness.
The journey to SOC 2 Type 2 compliance
Achieving SOC 2 Type 2 requires a rigorous audit that examines the organization’s systems and processes to ensure they meet the criteria set out by the AICPA. For Trustpair, this meant an in-depth examination of our internal controls, security policies, and procedures, ensuring they not only protect client data but also ensure its availability and confidentiality consistently over time.
This involved everything from employee training and access controls to encryption methods and vulnerability management, ensuring every aspect of our operations aligns with the highest security standards.
Empowering Trustpair clients with unmatched data security
For Trustpair clients, SOC 2 Type 2 compliance is more than just a certification: it’s a promise and assurance of the highest level of data protection and security. Finance and treasury teams from large enterprises can leverage Trustpair’s fraud prevention solutions with confidence, knowing that their sensitive financial data is managed within a framework that meets and exceeds the industry’s highest security standards. This compliance ensures that all client data, from bank account details to transaction records, is protected against unauthorized access and threats.
Additionally, the ongoing nature of SOC 2 compliance means that Trustpair is committed to continuous improvement and regular audits, ensuring that our security measures evolve in tandem with emerging threats and technologies.
“SOC2 type 2 isn’t only about having the right security policies in place at one specific moment. It’s about auditing these policies and controls regularly. There’s a continuous effort to protect data.” Simon Elcham, Trustpair CTO
A Standard of Security and Trust for Financial and Procurement Executives
Trustpair’s SOC 2 Type 2 compliance is a cornerstone of our pledge to provide a secure, reliable, and state-of-the-art fraud prevention solution. This compliance is a testament to our commitment to safeguarding our clients’ financial transactions and data, setting a new standard for security in the fintech industry. As we move forward, Trustpair remains dedicated to upholding these high standards of security and trust, ensuring that our clients can focus on their core business operations with full confidence in the integrity and safety of their financial data.
Are you looking to implement a fraud prevention solution that respects the highest security standards? Request a demo to learn more about Trustpair!