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Optimized Payments Successfully Completes a SOC 2 Assessment to Further Data Security

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At Optimized Payments, we continually invest in security best practices to ensure that our client’s data stays safe and secure. As a part of an on-going effort, we are excited to announce that we’ve successfully completed our SOC 2 report.   

The examination was conducted by A-LIGN, a technology-enabled security and compliance firm trusted by more than 4,000 global organizations to help mitigate cybersecurity risks. “Achieving our SOC 2 Type 1 examination reflects our commitment to exceeding industry standards for data security and operational integrity,” said Deepak Padubidri, Chief Technology Officer of Optimized Payments. “This milestone is a reflection of our proactive efforts to set and maintain high standards for protecting our clients’ information with unwavering diligence.” 

What is a SOC 2 report and what does it mean for Optimized Payments? In this article, we will walk you through the ins and outs of a SOC 2 report and how it enhances trust with clients.

What is SOC 2 report? 

A SOC 2 report focuses on the risks related to data handling and access, making it valuable for organizations of any size, such as SaaS providers, colocation facilities, and data hosting companies. Unlike a cybersecurity assessment that examines specific technical configurations, a SOC 2 report assesses how an organization establishes and manages controls to mitigate identified risks across various areas of its operations.

The SOC 2 audit follows the Trust Services Criteria (TSC), a framework used to identify key risks (points of focus) that organizations should address. Depending on the TSC categories chosen to be in-scope, the third-party audit firm (such as A-LIGN in this case) evaluates whether the organization has the necessary policies, procedures, and controls in place to effectively manage those risks.

There are five Trust Services Criteria. Security, the first criterion, is mandatory for all SOC 2 reports and is known as the “Common Criteria.” The other four are optional:

  • Security (required)
  • Availability (optional)
  • Processing Integrity (optional)
  • Confidentiality (optional)
  • Privacy (optional)

Successfully passing a SOC 2 examination and obtaining an attestation letter indicates that an organization is effectively managing controls in areas such as information security, access control, vendor management, system backups, business continuity, disaster recovery, and more.

  

Who should get a SOC 2 Examination?

Organizations across all sizes and industries can benefit from a SOC 2 Examination, as the audit applies to any organization that offers diverse services to its customers. A SOC 2 report outlines the controls established to protect and secure the systems or services the organization provides to customers. Unlike audits focused solely on financial systems, the scope of a SOC 2 Examination includes all systems and tools that support the organization’s services, ensuring comprehensive protection across the entire operational environment.

Why do I need a SOC 2?

Today, many organizations outsource their business operations and services to third-party vendors, possibly putting client data at risk.  For this reason, organizations request that their vendors achieve SOC 2 compliance to demonstrate rigorous IT security standards.  Some additional reasons to consider a SOC 2 report for your organization include:

  1. Clients will most likely request a SOC 2 sooner or later
  2. SOC 2 can bring a competitive advantage to your business
  3. Enhanced information security practice
  4. SOC 2 helps you gain customer trust
  5. Ensure your employees understand best practices

We hope the steps we have taken help you and your IT teams remain confident in knowing that your data is secure with Optimized Payments. 

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