We are proud to announce that Veryable is on track to become the first in our industry to achieve SOC 2 compliance, setting a new standard of excellence and security for our customers and business partners. In today's digital landscape, where data breaches and cybersecurity threats have become all too common, the importance of SOC 2 compliance cannot be overstated. As our company pioneers this achievement within our industry, it is crucial to understand the significance of SOC 2 compliance and how it can bolster our success.
Below, you'll learn what SOC 2 means in further detail, and why this critical step is so important for our customers, business partners, and Veryable.
What is SOC 2?
SOC 2 is a cybersecurity compliance framework developed by the American Institute of Certified Public Accountants (AICPA). Businesses seek SOC 2 to ensure client data is secure in the cloud. In order to pass a SOC 2 audit, a business must formulate its own security controls to become compliant with the five trust principles: security, confidentiality, availability, privacy, and processing integrity. This can be a long, expensive process, and this is why we partnered with Thoropass to help us reach the finish line within the next month.
Types of SOC 2
There are two types of SOC 2: Type 1 and 2.
Type 1 checks if a company is compliant at a point in time.
Type 2 checks if a company stays compliant during an observation window (typically 6 months to a year).
Veryable is currently seeking both -- with our type 1 audit coming soon.
Benefits of SOC 2
Building Customer Trust and Loyalty
In an era where consumer trust is paramount, SOC 2 compliance plays a vital role in fostering long-term relationships with our customers and business partners. By demonstrating our compliance with industry-leading security standards, we instill confidence in our clients, assuring them that their data within Veryable's Marketplace or Workforce Management is in safe hands. This enhanced trust not only encourages customer loyalty but also helps attract new clients who prioritize security and privacy.
Strengthening Competitive Advantage
Being the first in our industry to obtain SOC 2 compliance not only showcases our dedication to security but also grants us a significant competitive advantage. With data breaches becoming increasingly costly and damaging to businesses, customers are actively seeking service providers that prioritize data protection. SOC 2 compliance enables us to stand out from competitors, as potential clients will be more inclined to choose a company that has undergone rigorous audits and proven its commitment to security.
As Veryable prepares to achieve SOC 2 compliance and become the trailblazer in our industry, it is imperative to recognize the value it brings. SOC 2 compliance not only strengthens data security and privacy but also enhances our competitive edge, builds trust with customers, streamlines risk management, and facilitates strategic partnerships. By embracing SOC 2 compliance, we position ourselves at the forefront of security and reliability, ensuring our continued success in an increasingly interconnected digital world.