iDenfy, a worldwide 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 america.
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 primarily based on 5 key Belief Service Standards: safety, availability, processing integrity, confidentiality, and privateness. It’s extensively 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 data on behalf of our purchasers, starting from government-issued IDs to biometric knowledge,” mentioned 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 america 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 corporations to implement and preserve sturdy inner safety protocols, real-time monitoring, and proactive threat administration. iDenfy has built-in AI-powered instruments into its safety framework to determine 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 capacity to serve industries with excessive compliance necessities, equivalent to 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 section will give attention to 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 Value 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 data—equivalent to id paperwork, biometric knowledge, and monetary information—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.
