We are thrilled to announce that Collective Data has achieved SOC 2 Type 2 compliance as of May 15, 2024. This milestone underscores our unwavering commitment to security, availability, processing integrity, confidentiality, and privacy in our asset management solutions.
Our SOC 2 Journey
Our SOC 2 journey began last year when we achieved SOC 2 Type 1 compliance on May 15, 2023. This initial step involved a thorough examination of our systems and controls at a specific point in time, ensuring that we had the necessary measures in place to meet the trust service criteria established by the American Institute of Certified Public Accountants (AICPA).
However, achieving SOC 2 Type 2 compliance is a more extensive process. Unlike the Type 1 assessment, which is a snapshot of our controls at a single point in time, the Type 2 audit evaluates the effectiveness of these controls over a period of time—in our case, the past year. This rigorous evaluation demonstrates our continuous commitment to maintaining the highest standards of security and operational effectiveness.
What is SOC 2 Compliance?
SOC 2 (Service Organization Control 2) is a set of standards developed by the AICPA for managing customer data based on five “trust service principles”—security, availability, processing integrity, confidentiality, and privacy. Achieving SOC 2 compliance is crucial for SaaS and cloud-based companies, as it verifies that a company has implemented stringent controls to protect and manage customer data.
- Security: Ensures that the system is protected against unauthorized access, both physical and logical.
- Availability: Ensures that the system is available for operation and use as committed or agreed.
- Processing Integrity: Ensures that system processing is complete, valid, accurate, timely, and authorized.
- Confidentiality: Ensures that information designated as confidential is protected as committed or agreed.
- Privacy: Ensures that personal information is collected, used, retained, disclosed, and disposed of in conformity with the commitments in the entity’s privacy notice.
The Importance of SOC 2 Compliance for Collective Data
For Collective Data, achieving SOC 2 Type 2 compliance is not just about meeting a set of requirements; it’s about reinforcing our dedication to our clients. Our asset management platform is designed to handle sensitive data, and we understand the importance of trust and reliability in managing this information.
SOC 2 Type 2 compliance assures our clients that we have robust, continuously effective processes and controls in place to safeguard their data. It provides peace of mind, knowing that their data is managed with the highest standards of security and privacy. This compliance also enhances our operational capabilities, ensuring that our services are not only secure but also reliable and efficient.
Our Commitment to Security and Excellence
Achieving SOC 2 Type 2 compliance is a significant milestone, but it is not the end of our journey. At Collective Data, we are committed to continuous improvement and will keep enhancing our systems and processes to maintain the highest levels of security and service quality.
We would like to extend our gratitude to our dedicated team, clients, and partners who have supported us throughout this journey. Together, we are setting new standards in asset management and demonstrating that trust and security are at the heart of what we do.
Our commitment to integration and security is exemplified in our latest achievement of SOC 2 Type 2 compliance. Learn more about how integration can benefit your organization in our post on The Power of Integration: How to Get the Most Out of Your Software.
Thank you for being a part of Collective Data’s journey. We look forward to continuing to serve you with excellence and integrity. Feel free to reach out to us if you have any questions about our SOC 2 compliance or how we can assist you with our asset management solutions.
