In the age of data breaches and ever-increasing regulatory scrutiny, ensuring the security of customer information is no longer optional. Companies that fail to protect sensitive data face reputational damage and hefty fines. For example, the Indian government, following in the footsteps of other global regulators, has introduced the Digital Personal Data Protection Act, which carries a penalty of Rs. 250 crores for data breaches.
In short, data security and protection have never been more important, and there is increasing organizational focus on it. Organizations not only want to ensure the Confidentiality, Integrity, and Availability of their data but also want to ensure their partners are doing the same.
The much-vaunted SOC 2 certification provides that stamp of assurance and credibility to organizations.
IDfy’s VKYC platform is one of the first to achieve SOC 2 Type 1 and Type 2 along with V-CIP compliance. This recognition reinforces our commitment to best-in-class security needed to establish trust in the digital economy.
This is in addition to the ISO 27001:2022 certification that we also hold. Our continuous endeavor to get certified reinforces the principle that we have always held dear – information security is never a buzzword, but a way of life at IDfy.
In this article, we will take a quick look at what the SOC 2 certification is, our journey to achieving it, and what it means for us and our partners.
Understanding SOC 2
SOC 2, a set of auditing standards developed by the AICPA, helps assess the controls a service organization has in place for managing customer data. By achieving a SOC 2 report, organizations can demonstrate their commitment to data security and build trust with their customers.
SOC 2 comes in two main flavors: Type 1 and Type 2. Both types focus on five key Trust Service Criteria (TSC): Security, Availability, Processing Integrity, Confidentiality, and Privacy.
- SOC 2 Type 1 Report: This report provides a snapshot of a service organization’s controls at a specific point in time. It validates the accuracy of the design of the applicable controls.
- SOC 2 Type 2 Report: This more comprehensive report goes beyond design and evaluates the operating effectiveness of controls over a period (typically 3 to 12 months). A qualified independent auditor performs a rigorous examination to ensure the controls are functioning as intended.
Implementing SOC 2 trust principles
At IDfy, we adhere to all 5 Trust Principles for SOC 2. Some of the most important actionable controls that we have implemented are:
- Access management: We have implemented context-aware access following the Principle of Least Privilege which means users are granted the minimum level of access necessary for their specific tasks, powered by an Identity & Access Management tool that is developed in-house. We adhere to the zero-trust model, where no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources on the network
- Platform and Network security: By adopting defense in depth strategy and leveraging solutions such as a web application firewall, DDOS prevention solutions, SIEM (Security Information and Event Management), Cloud security posture management, etc., we have strengthened our Infrastructure security and enhanced our ability to detect and respond to potential threats effectively. This enables us to proactively block 10 lakh+ malicious web application requests every month
- Data confidentiality: We have implemented strong encryption like AES256 for data at rest, TLS1.2, and 1.3 with strong ciphers for data in transit, and field-level encryption of PII in the database with an in-house developed hybrid data-encryption service. These advanced levels of data security ensure comprehensive protection for sensitive information throughout its lifecycle – from origination to storage and even archival/deletion
- Application security: We go to great lengths to ensure that IDfy products are free from vulnerabilities or security loopholes. How do we do this? By implementing a secure CI/CD pipeline, DAST, inhouse developed an Attack surface monitoring tool, and periodic Internal and External VAPT(Cert-In).
- Compliance and Governance: 100% compliance is managed by regularly undergoing internal and external audits for compliance such as SOC 2 (Type 1 & Type 2), ISO 27001:2022/9001, SAR, RBI V-CIP, Data Localization, and 500+ TPRM annually by clients.
- Privacy: By implementing and adhering to data privacy requirements, at IDfy we ensure compliance with privacy regulations and enhance data protection measures by safeguarding sensitive information across all facets of our operations.
At IDfy we are tasked with maintaining the trust of not only our customers, but their customers too. And with the rapid pace of digitization across all industries, IT security has never been more important.
Explore our SOC 2-certified VKYC platform to find out our best practices being put to use.
