Information security
With data breaches becoming more and more common, cybersecurity is now a top priority for businesses across the globe. Did you know that the cost of data breach is massive? The total average cost of a data breach is $3.9 million. This can cause huge problems for companies of any size – poor performance, slowdown or even permanent closures.
No wonder information security remains a primary concern for organizations worldwide, along with the ones outsourcing to third-party vendors such as SaaS (software as a service) providers. Hence, the need to prevent security attacks (e.g. data theft, malware, etc.) has increased the demand for SOC 2 compliance. And Quantive got the message!
What is SOC 2?
SOC (Service Organization Control) 2 is one of the most important and sought-after compliance frameworks that technology organizations have to follow. Introduced by the American Institute of CPAs (AICPA), SOC 2 is an auditing procedure ensuring that companies have implemented and follow strict information security safeguards and procedures.
The SOC standards are designed to guarantee that relevant companies like SaaS providers process and manage information securely. In order to get SOC 2 certified, a company has to meet some or all of the Trust Services Criteria (TSC):
- Security — This principle evaluates whether a system is protected against unauthorized access and security breaches.
- Availability — A principle that refers to the accessibility of a product or service as agreed.
- Processing integrity — Process integrity is about complete, valid, accurate, timely and authorized data processing. The principle pertains to whether a system meets its objective.
- Confidentiality — The principle addresses the system’s ability to guard confidential information.
- Privacy — Personal information has to be collected, used, retained and disposed of in a safe manner.
Quantive & SOC 2
Quantive has recently successfully completed a SOC 2 ® Type 1 Audit examination for our OKR Management SaaS system (Type 1 evaluates the design of secure procedures/controls at a specific point in time ). Quantive's policies, procedures and infrastructure were assessed by the international business advisory firm Skoda Minotti. Our control systems were tested in regard to network connectivity, firewall configurations, data transmission, backup and disaster recovery, among other critical operational areas.
Quantive reported on two of the Trust Service Principles – Security and Availability – the ones most applicable to our business. The SOC 2 certification demonstrates our continued commitment to prevention of system abuse, software exploitation, data theft, or improper disclosure of information.
Our voluntary SOC 2 compliance perfectly illustrates the determination to maintain a well-protected operating environment for our clients’ data. We are dedicated to building confidence and trust with all our customers and strive to reassure them that their valuable data is kept safe and sound.
Radoslav Georgiev, Quantive's Chief Technology Officer and co-founder, elaborates: “The successful completion of our SOC 2 Type 1 examination audit provides Quantive's customers with the assurance that the controls and safeguards we employ to protect and secure their data are in line with industry standards and best practices.”
Find more information about Quantive's successful completion of SOC 2 Type 1 Audit examination here.
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