QX meets all necessary criteria for managing customer data as underlined by SOC 2 principles including security, availability, processing integrity, confidentiality and privacy.
SOC 2 was developed by the American Institute of CPAs (AICPA) and sets guidelines for customer data management, based on five ‘trust service principles’, namely security, availability, processing integrity, confidentiality, and privacy. An organization has to build controls that align with either all the trust principles or some of them. A SOC 2 report evaluates the capability of the unique processes and business practices of an organization to comply with all necessary SOC 2 principles.
The purpose of a SOC 2 report is to enable organizations to offer demonstrable evidence to customers with respect to how they manage customer data and that this data is secure and will not fall into the wrong hands.
The British Standards Institute (BIS), conducted a very thorough audit of the internal control framework at QX and vetted our system and organization controls that were deployed with respect to the ‘5 trust principles’. The SOC 2 report offers detailed information and assurance vis-à-vis the set of controls in place at QX relevant to aspects such as security, availability, integrity of the system processing client data and also the confidentiality and privacy of all data processing.
The audit determined that QX is a SOC 2 Type II compliant organization. In SOC 2 parlance, Type I is a description of all the systems deployed by the vendor and the auditor assesses whether system design is in perfect sync with the required trust principles. Type II goes one step beyond and describes the effectiveness of all the systems that the organization has implemented to meet SOC 2’s trust principles.
We are continuously hearing reports of data breaches in some of the biggest organizations across diverse sectors. Customer data is now a prime currency and criminals are after sensitive customer data including Personally Identifiable Information (PII), financial information and any other information that is valuable to the customer and the organization.
QX has earned its SOC 2 report on the back of its focus on ensuring complete data security and seamlessly efficient data management. This means, our clients are rest assured their data is managed securely and will not be accessed in an unauthorized manner.
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