8Twelve Financial Technologies Completes SOC 2 Type 1 Security Compliance to Enhance Customer Data Protection
TORONTO, June 27, 2023 (GLOBE NEWSWIRE) -- 8Twelve Financial Technologies (“8Twelve” or the “Company”) is proud to announce its successful attainment of SOC 2 Type 1 security compliance in accordance with the rigorous standards set by the American Institute of Certified Public Accountants (AICPA). Prescient Assurance, a trusted authority in security and compliance attestation for B2B SaaS companies worldwide, conducted the comprehensive audit, affirming that 8Twelve's information security practices, policies, procedures, and operations align with SOC 2 standards for security, availability, and confidentiality.
"This achievement further underscores the company's unwavering commitment to safeguarding customer data," stated Akber Abbas, President & Chief Information Officer of 8Twelve. "It represents a significant milestone in our ongoing efforts to fortify our security measures and ensure the privacy and protection of personal information."
SOC 2 Type 1 (Service Organization Control 1) is a widely recognized framework established by the AICPA. It focuses on the internal controls of a service organization that are pertinent to the security, availability, processing integrity, confidentiality, and privacy of customer data. By successfully completing SOC 2 Type 1 compliance, 8Twelve demonstrates its adherence to stringent industry standards and best practices.
Within the SOC 2 Type 1 framework, 8Twelve has implemented comprehensive controls and processes to shield customer data against unauthorized access, alteration, or destruction. These measures encompass physical security protocols, logical access controls, data encryption, regular monitoring, and ongoing risk assessments. By meeting the requirements of SOC 2 Type 1, 8Twelve ensures that its systems and procedures are designed and operating effectively to mitigate potential risks and protect sensitive customer information.
"The attainment of SOC 2 Type 1 security compliance represents a significant investment in 8Twelve's security infrastructure and practices," commented Oghogho (OG) Bawo-Oteri, Head of Regulatory Compliance. "It exemplifies our dedication to upholding the highest standards of data protection, confidentiality, and privacy. I take immense pride in this achievement and eagerly anticipate our pursuit of SOC 2 Type II compliance in the near future, further bolstering our security measures."
8Twelve's commitment to data security extends beyond compliance. The company employs a proactive approach by engaging a leading security consultancy firm and partnering with a premier AWS Technology Partner to manage its cloud services. Through these strategic collaborations, 8Twelve can continually monitor systems in real-time, respond rapidly to potential threats, and implement robust security measures.
As 8Twelve continues to prioritize customer trust and data protection, this SOC 2 Type 1 compliance achievement serves as a testament to its relentless pursuit of excellence in security practices and sets the stage for even more advanced security measures in the future. The company is currently in the process of fulfilling the SOC 2 Type 2 requirements and will provide further updates on its progress to meet this standard later in the year.
8Twelve is revolutionizing the home financing experience by providing consumers with a single, convenient platform to address all their mortgage needs. Borrowers no longer need to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. They can now access Canada's largest selection of mortgages in one comprehensive marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).
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