iDenfy, a world RegTech firm specializing in Know Your Buyer (KYC), Anti-Cash Laundering (AML), and Know Your Enterprise (KYB) options, has achieved SOC II certification to strengthen its dedication to knowledge safety amid rising cybersecurity threats in the USA.
The announcement follows an impartial audit that validated iDenfy’s compliance with SOC II’s rigorous requirements. SOC II (System and Group Controls) is a compliance framework developed by the American Institute of Licensed Public Accountants (AICPA) that evaluates organizations based mostly on 5 key Belief Service Standards: safety, availability, processing integrity, confidentiality, and privateness. It’s broadly thought to be the gold customary for service suppliers dealing with delicate buyer knowledge.
“Knowledge safety is the cornerstone of our enterprise as we deal with delicate info on behalf of our purchasers, starting from government-issued IDs to biometric knowledge,” stated Domantas Ciulde, CEO of iDenfy. “SOC II certification, together with our ISO 27001 certification and ETSI TS 119 461 compliance, reinforces our dedication to safeguarding knowledge with the very best requirements.”
This milestone coincides with the opening of iDenfy’s new workplace in Delaware, a strategic transfer to strengthen the corporate’s presence within the US market. The certification is especially important as knowledge breaches in the USA stay a rising concern. In 2023 alone, the US reported 3,205 knowledge breaches, affecting over 353 million people, underscoring the necessity for rigorous cybersecurity measures.
Enhancing Cybersecurity Amid Rising Threats
Acquiring SOC II certification includes a stringent analysis course of, requiring firms to implement and keep sturdy inner safety protocols, real-time monitoring, and proactive danger administration. iDenfy has built-in AI-powered instruments into its safety framework to establish vulnerabilities and stop breaches earlier than they happen. These options embrace safe encryption, automated risk detection, and fraud prevention measures.
The certification strengthens iDenfy’s capability to serve industries with excessive compliance necessities, reminiscent of healthcare and insurance coverage. Each sectors face specialised laws, together with HIPAA (Well being Insurance coverage Portability and Accountability Act) and NAIC mannequin audit requirements.
“Our subsequent part will concentrate on industries requiring not solely SOC II but in addition specialised certifications,” Ciulde added. “Healthcare and insurance coverage suppliers face advanced regulatory necessities, and iDenfy is well-equipped to assist them navigate these challenges whereas guaranteeing sturdy knowledge safety.”
The Price of Cybersecurity Failures
Cyberattacks proceed to escalate in scale and class, costing US companies a mean of $9.48 million per knowledge breach. For organizations dealing with delicate buyer info—reminiscent of id paperwork, biometric knowledge, and monetary data—adopting superior safety frameworks like SOC II is more and more very important. iDenfy’s AI-driven instruments not solely fight knowledge breaches but in addition detect fraudulent actions, together with phishing schemes and id fraud makes an attempt, in real-time.
By adhering to SOC II’s rigorous requirements, iDenfy provides its purchasers confidence in its safe infrastructure. The corporate’s options cater to companies of all sizes, offering scalable safety to remain forward of evolving cybersecurity threats.
