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iDenfy Achieves SOC II Certification to Bolster US Data Security

by SB Crypto Guru News
December 10, 2024
in Altcoin
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iDenfy, a global RegTech company specializing in Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Business (KYB) solutions, has achieved SOC II certification to reinforce its commitment to data security amid growing cybersecurity threats in the United States.

The announcement follows an independent audit that validated iDenfy’s compliance with SOC II’s rigorous standards. SOC II (System and Organization Controls) is a compliance framework developed by the American Institute of Certified Public Accountants (AICPA) that evaluates organizations based on five key Trust Service Criteria: security, availability, processing integrity, confidentiality, and privacy. It is widely regarded as the gold standard for service providers handling sensitive customer data.

“Data security is the cornerstone of our business as we handle sensitive information on behalf of our clients, ranging from government-issued IDs to biometric data,” said Domantas Ciulde, CEO of iDenfy. “SOC II certification, along with our ISO 27001 certification and ETSI TS 119 461 compliance, reinforces our commitment to safeguarding data with the highest standards.”

This milestone coincides with the opening of iDenfy’s new office in Delaware, a strategic move to strengthen the company’s presence in the US market. The certification is particularly significant as data breaches in the United States remain a growing concern. In 2023 alone, the US reported 3,205 data breaches, affecting over 353 million individuals, underscoring the need for rigorous cybersecurity measures.

Enhancing Cybersecurity Amid Rising Threats

Obtaining SOC II certification involves a stringent evaluation process, requiring companies to implement and maintain robust internal security protocols, real-time monitoring, and proactive risk management. iDenfy has integrated AI-powered tools into its security framework to identify vulnerabilities and prevent breaches before they occur. These solutions include secure encryption, automated threat detection, and fraud prevention measures.

The certification strengthens iDenfy’s ability to serve industries with high compliance requirements, such as healthcare and insurance. Both sectors face specialized regulations, including HIPAA (Health Insurance Portability and Accountability Act) and NAIC model audit standards.

“Our next phase will focus on industries requiring not only SOC II but also specialized certifications,” Ciulde added. “Healthcare and insurance providers face complex regulatory requirements, and iDenfy is well-equipped to help them navigate these challenges while ensuring robust data security.”

The Cost of Cybersecurity Failures

Cyberattacks continue to escalate in scale and sophistication, costing US businesses an average of $9.48 million per data breach. For organizations handling sensitive customer information—such as identity documents, biometric data, and financial records—adopting advanced security frameworks like SOC II is increasingly vital. iDenfy’s AI-driven tools not only combat data breaches but also detect fraudulent activities, including phishing schemes and identity fraud attempts, in real-time.

By adhering to SOC II’s rigorous standards, iDenfy offers its clients confidence in its secure infrastructure. The company’s solutions cater to businesses of all sizes, providing scalable protection to stay ahead of evolving cybersecurity threats.



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Tags: achievesBitcoin NewsBolsterCertificationCrypto NewsCrypto UpdatesDataiDenfyLatest News on CryptoSB Crypto Guru NewsSecuritySOC
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