VoPay Announces Completion of SOC 2 Type I Audit
VoPay’s newly completed SOC 2 Type 1 attestation demonstrates the company’s commitment to compliance, security, and oversight
VANCOUVER, British Columbia–(BUSINESS WIRE)–#SOC2—VoPay, a leading provider of secure payment solutions, announced that it has successfully completed a System and Organization Controls SOC 2 Type 1 audit against the evaluation’s security and availability principles. SOC 2 has become a widely recognized standard around the globe in providing assurance that an organization’s management processes are appropriately designed and operating effectively to meet its objectives.
This achievement demonstrates VoPay’s commitment to delivering the highest level of compliance and security in all aspects of its business operations. And while SOC 2 compliance is voluntary, VoPay places high importance on its corporation’s most precious asset, its customers’ data. By completing its SOC 2 compliance assessment, the effectiveness of VoPay’s internal controls in accordance with the Trust Services Criteria has been verified, and the rigorous process has been completed.
77% of IT decision-makers in the United States and Canada believe their companies will experience a data breach within the next three years.
With data breaches a top concern in the minds of industry leaders, VoPay proactively sought SOC 2 Type 1 attestation as part of a critical step in protecting its customers’ information to ensure that each and every customer can safely and securely access its full suite of products and services confidently.
“A strong security compliance program is essential in a company’s ability to scale,” said Adam Markowitz, Co-Founder and CEO of Drata. “With Drata’s automation-led approach, VoPay is able to continuously maintain that compliance without sacrificing its focus on critical business initiatives.”
With a market projected to reach $74.8 billion by 2028, sourcing the right partner for compliance management was a crucial step in moving forward with this initiative. VoPay selected Drata, one of the market’s most reputable and fast-growing security and compliance software solutions, to help them on their mission.
Moving through SOC 2 Type 1 is a rigorous process and involves a team of auditors from a CPA firm to examine how well your controls are working and how quickly you respond to risks and incidents. Some of the areas that auditors will review include, but are not limited to:
- Access controls—logical and physical restrictions on assets to prevent access by unauthorized personnel.
- Change management—a controlled process for managing changes to IT systems and methods for preventing unauthorized changes.
- System operations—controls that can monitor ongoing operations and detect and resolve any deviations from organizational procedures.
- Mitigating risk—methods and activities that allow the organization to identify risks, as well as respond to and mitigate them while addressing any subsequent business.
When these four criteria are met, it indicates that the company’s information security practices have been evaluated and meet the high standards set by the American Institute of Certified Public Accountants (AICPA).
“Working towards being SOC 2 compliant did not just help us create or improve our policies; it also helped make our systems better and our company stronger,” said Hamed Arbabi, VoPay, CEO. “It created a purpose on another level where everyone participated in working to achieve this goal and built a compliance culture among all employees where everyone embraced the ownership.”
VoPay’s SOC 2 Type 1 attestation ensures that customers, partners, and associates can have complete confidence in the Company’s commitment to protecting their sensitive information and maintaining the highest level of security and compliance. The company will continue to invest in security and compliance to protect its customers, partners, and associates and ensure they have the best possible experience.
Offering industry-leading financial technology to Canadian enterprises, VoPay’s Fintech-as-a-Service platform embeds financial services and real-time payment capabilities into existing applications, products or services through a single and scalable API. VoPay’s unified technology stack eliminates the need to build the infrastructure and integrate multiple disparate financial systems. Businesses can go to market faster and offer innovative financial solutions to their customers.
Discover VoPay’s intelligent and secure bank payments at: https://vopay.com/