Delaware, USA (December 00, 2024) — iDenfy, a leading global RegTech company has announced its achievement of SOC 11 certification following the submission of an independent auditor’s report.
The newly acquired SOC certification tallys with the opening of Idenfy’s new office in Delaware highlighting a significant milestone in the company’s effort to expand its reach in the United States.
Idenfy is a verification solutions company that specializes in Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Business (KYB).
The milestone crossed by Idenfy following its SOC 11 certification strengthens its position as a leading and trusted verification solutions partner in the United States Market.
Idenfy securing this certification ensures its operational standards are consistent with the industry benchmark and its data handling practices meet the expected standard of security and confidentiality.
The SOC II (System and Organization Controls ) is a gold-standard compliance framework developed by the American Institute of Certified Public Accountants (AICPA).
The SOC II certification evaluates organizations on five key Trust Service Criteria: security, availability, processing integrity, confidentiality, and privacy.
It is specifically designed for service providers managing customer data, and it demonstrates that an organization has implemented robust processes and controls to safeguard sensitive information.
SOC II compliance is particularly critical in the United States, as data breaches can lead to catastrophic consequences. In 2023 alone, the country reported 3,205 data breaches, affecting over 353 million individuals across various sectors.
These alarming figures highlight the importance of SOC II certification as a key benchmark for businesses handling sensitive data, such as identity documents and physical characteristics biometrics.
Domantas Ciulde, CEO of IDenfy explained the significance of Data Security to the core business offering of the verification solutions company.
“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. SOC II certification, along with our ISO 27001 certification and ETSI TS 119 461 compliance for electronic identification and trust services, reinforces our commitment to safeguarding data with the highest standards,” said Domantas
Getting a SOC certification follows a rigorous process that goes beyond achieving basic compliance.
It requires robust internal product development, security improvements, and the establishment of long-lasting practices to ensure the security of customer data as well as signaling to clients that iDenfy has done a thorough job in implementing measures to protect their data.
iDenfy runs a cybersecurity protocol that includes secure encryption, real-time monitoring, and proactive risk management of client’s data.
The company leverages AI-powered technology to identify and mitigate vulnerabilities proactively. This AI-induced approach ensures the integrity of its systems while maintaining the trust of its growing customer base.
The SOC II certification improves iDenfy’s ability to address cybersecurity challenges for its US clients. As cyberattacks in the country become more sophisticated, US businesses face rising costs, with data breaches averaging $9.48 million per incident.
Domantas Ciulde, CEO of IDenfy further explained that the company hopes to expand its client base to industries requiring more than the SOC 11 specialized certification.
“Our next phase will focus on industries requiring not only SOC II but also specialized certifications. Healthcare and insurance providers face complex regulatory requirements, and iDenfy is well-equipped to help them navigate these challenges while ensuring robust data security.” Domantas Ciulde added.
Beyond verification and addressing broader cybersecurity challenges IDenfy’s AI-driven tools detect suspicious activities in real time, including identity fraud attempts and phishing schemes, enabling businesses to proactively prevent breaches.
Additionally, iDenfy provides scalable solutions for organizations of all sizes in various industries. The firm ensures every client receives the highest level of protection while maintaining a proactive approach to threats.
About iDenfy
iDenfy is a RegTech platform best known for its wide variety of identity verification services and fraud prevention tools. The firm ensures KYC, KYB, and AML compliance for every company from large-scale businesses to small organizations.
IDenfy is active in a vast range of industries ranging from FinTech, iGaming, and cryptocurrency to e-commerce, and more.
Idenfy efforts in its industry were crowned with recognition as the best Fintech Startup in 2020.
For more information and business inquiries, please visit www.idenfy.com.
