iDenfy achieves SOC II certification to combat rising cyber threats in the US

DOVER, Del. - Dec. 27, 2024 - PRLog -- iDenfy, a global RegTech leader specializing in Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Business (KYB) solutions, has achieved SOC II certification. This milestone underscores iDenfy's commitment to safeguarding sensitive information and highlights its proactive approach to cybersecurity for clients across the US.

The financial consequences of data breaches became more significant, with the average cost of a cyber incident in the US reaching $4.88 million per incident, according to Data breach report 2024. Luckily, SOC II certification, developed by the American Institute of Certified Public Accountants (AICPA), was able to provide a comprehensive framework for organizations to manage sensitive customer information by evaluating key Trust Service Criteria, including security, availability, processing integrity, confidentiality, and privacy, that allowed them to estimate and minimize cybersecurity accidents on the internet.

Companies often face prolonged operational disruptions and diminished customer trust. Individuals impacted by breaches frequently experience financial fraud, identity theft, and other personal losses, further amplifying the risks. SOC II certification provides reassurance to iDenfy's partners that they are working with a trusted provider, helping them navigate through the regulatory landscape while reducing compliance risks.

"Cybersecurity is no longer a secondary concern—it's a business essential. Our SOC II certification, together with our ISO 27001 Information Security Management System certification and ETSI TS 119 461 compliance for electronic identification and trust services, demonstrates our strong and ongoing commitment to data protection. This milestone is a testament to our dedication to safeguarding customer information with the highest standards." said Domantas Ciulde, CEO of iDenfy.

In order to achieve SOC II certification, iDenfy was required to implement advanced security measures, such as robust encryption protocols to protect information during transmission and storage, continuous real-time monitoring to identify and address vulnerabilities, and add AI-driven risk management systems to neutralize potential threats. These measures reinforced company's leadership in cybersecurity and compliance, as not every identity verification firm can be trusted and receive SOC II certification.

iDenfy's services are particularly critical for highly regulated industries such as healthcare and insurance. These sectors face unique compliance requirements, including HIPAA for healthcare providers and NAIC model audit compliance for insurers. iDenfy is strategically positioned to support businesses in these industries, offering scalable solutions that meet specialized needs.

Domantas Ciulde added, "Our focus is not only on meeting SOC II requirements but also on addressing industry-specific challenges. As we expand our presence in the US, we aim to empower healthcare and insurance businesses with the tools and frameworks necessary to tackle cybersecurity threats."

For more information and business inquiries, please visit www.idenfy.com.