Data breaches and associated costs have been rising over the past few years. A recent IBM report highlights that the average cost per breach has increased from US$ 3.86 Mn in 2020 to US$ 4.24 Mn in 2021. Another study by IBM states that organizations with more than 60% of employees working remotely had a greater average data breach cost than those without. With business downfall being one of the highest costs associated with breaches, no wonder data security has become the focal point of organizations today.Â
Signeasy has always focused on adopting the best data security practices at our end to ensure that customer data security remains intact. With our recent achievement of SOC 2 Type 2 compliance, we are ready to go the extra mile and reinforce our commitment to robust data security for our customers.
What is SOC 2
A SOC 2 assessment report provides detailed information and assurance about a service organization’s security, confidentiality, availability, processing integrity, and/or privacy controls, based on their proof of compliance with the American Institute of Certified Public Accountants (AICPA) Trust Services Criteria (TSC). A SOC 2 report is often the primary document that security departments rely on to assess a vendor’s ability to maintain adequate controls to mitigate identified risks.
Types of SOC 2 compliance
SOC 2 compliance comes in two forms: a SOC 2 Type 1 report, which describes the design of a service provider’s system controls to meet relevant trust criteria as of a specific point in time; and a SOC 2 Type 2 report, which details the operational effectiveness of those systems controls to perform as designed over a specified period of time.
At Signeasy, we chose to obtain a SOC 2 report to hold ourselves accountable to a stringent framework that helps us safeguard sensitive information. Moreover, this certification would act as a primary anchor for us to communicate our security processes to our customers and relevant stakeholders in a streamlined, uniform manner.Â
We received our SOC 2 Type 1 report in June 2021 and Type 2 report in November 2021. With similar milestones lined up for the future, our goal is to help our customers gain a competitive advantage with data security.
“We are super stoked to be SOC2 Type 2 certified and comply with the HIPAA security rule. These continued measures instill confidence and peace of mind in our customers that their confidential data is protected by industry-standard security on Signeasy.” - Souvik Dutta, Country Head & VP Engineering at Signeasy
These reports follow audits performed by independent third party auditors Dansa D’Arata Soucia LLP, who specialize in such security assessments. Collaborating with Vanta and using their continuous security monitoring platform helped us meet our audit requirements and our SOC 2 scheduled assessment timelines.Â
Ensure Data Security for customers
Our customers trust us with critical information related to their businesses, and the SOC 2 certification reinforces that:Â
- Our software development and internal company operations adhere to strict security compliance standards.
- Customer data is safeguarded through measures that identify and mitigate risks and vulnerabilities.
- Our technology stack monitors our compliance with industry standards.Â
At Signeasy, we look at customers’ data as our most significant responsibility and ensure that our processes strictly adhere to the highest security and compliance standards. To know more about our compliance and security standards, please visit https://signeasy.com/compliance
