Shield Demonstrates the Highest Levels of Trust and Security with SOC 2 Accreditation
- 17.02.2021 06:40 am
Specialist RegTech provider Shield announced it has been awarded Service Organization Controls (SOC 2) certification following an extensive audit by Deloitte LLP. SOC 2 certification demonstrates to customers and partners that Shield and its business operations are run to a recognised level of organisation, stability, and security – providing peace of mind on their credentials as a trusted supplier.
Developed by the American Institute of CPAs (AICPA), SOC 2 compliance audits are conducted to test the design and operating effectiveness of a company’s security controls across relevant key areas, ensuring customer data is always handled safely. Deloitte’s audit of Shield investigated its information security practices, policies, procedures, and operations in meeting the SOC 2 standards for security, availability, and confidentiality.
Ofir Shabtai, Co-Founder and CTO at Shield, commented: “We are proud to confirm that Shield has successfully met all the criteria for SOC 2 accreditation, which represents another key milestone for our business and publicly demonstrates our ability as an enterprise-level supplier in meeting the stringent demands of our financial sector clients. SOC 2 accreditation is rare for startup businesses to achieve so quickly in their development, but we have a commitment to our primary markets, where it is appreciated as the gold standard of trust and assurance.”
Whilst SOC 2 has been an important accreditation for a number of years, it has become particularly important in the wake of the COVID-19 restrictions, as Ofir continued: “SOC 2 gives a clear indication of water-tight business continuity, disaster recovery and security of cloud services – which have become particularly relevant over the last 12 months. Financial firms are looking for suppliers which guarantee uninterrupted services during unsettled times such as the current pandemic restrictions.”
Shield chose high-profile expert professional services provider Deloitte to conduct the SOC 2 audit not only for its impressive reputation for excellence, but also for its guidance and advice on refining and building upon the standards of the accreditation. Working closely with the Shield team, Deloitte gave advice on the further development of its relevant business processes.
Ofir concluded: “With the increasing use of Software as a Service and Cloud systems, it is important that Shield can demonstrate third party endorsement of our business operations. We are continually developing our business and our Shield communications compliance lifecycle platform to ensure our customers and partners have peace of mind. Our SOC 2 accreditation shows that all the necessary safeguards are in place, ensuring we are the go-to provider in the financial compliance space.”