Argentina-based financial technology solutions provider Veritran has obtained System and Organization Controls 2 Type 1 compliance. By passing this auditing standard, the company aims to position itself as a trusted brand that meets the highest standards for security and data protection.

SOC 2 is an auditing standard created by the American Institute of Certified Public Accountants (AICPA) to analyse the effectiveness of an organization's controls over information security, availability, processing integrity, confidentiality, and privacy. SOC 2 Type 1 looks closely into an organization's systems and controls, and it assesses the design and implementation of these controls to make sure they are properly designed to meet the relevant trust services criteria. SOC reports are unique to every organization and are of two types: Type 1 and Type 2.

According to sprinto. com, businesses usually choose the SOC 2 type based on their current business needs. SOC 2 Type 1 reviews the design of an organization’s internal controls at a point in time.

It looks into an organization’s SOC 2 compliance posture and assesses whether the implemented controls meet the framework’s requirements. SOC 2 controls could be preventative, detective, or corrective. In essence, the review aims to reassure a company’s current and future clients that security best practices are put in place to manage sensitive information.

By obtaining SOC 2 compliance, Veritran has proven that it is ready to meet the specific needs of key industries and reassure its clients that their sensitive data benefits from adequate protection. For this compliance audit and certification process, Veritran leveraged the services of a professional third-party auditor named Schellman & Company, LLC and has been confirmed to meet the American Institute of Certified Public Accountants (AICPA) Trust Service Criteria. More information about the auditing process Veritran was verified via an in-depth independent audit relevant to security set forth in TSP section 100, Trust Services Criteria for Security.

In order to achieve this important milestone, Veritran passed more than 120 requirements. The process included a close examination of Veritran's practices, controls organization charts, and business processes, as well as their effectiveness and value. According to prnewsire.

com, Veritran has customers all over the world, which is why it emphasises the importance of protecting the security and privacy of customer data. Moreover, the company has made efforts to further improve its data security and privacy systems. In addition to the SOC 2 reports, Veritran has also successfully remained compliant with ISO27001, IS9001, and PCI DSS.

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