iDenfy Achieves SOC II Certification Amid Geographic Expansion

RegTech company iDenfy has achieved SOC II certification following an independent auditor’s report, and shortly after announcing the opening of a new office in Delaware. The System and Organization Controls (SOC II) framework, developed by the American Institute of Certified Public Accountants (AICPA), evaluates organizations across multiple trust service criteria including security, availability, processing integrity, confidentiality, and privacy.

The certification adds to iDenfy’s existing credentials, which include ISO 27001 certification and ETSI TS 119 461 compliance for electronic identification and trust services. The company implements various cybersecurity measures including secure encryption, real-time monitoring, and proactive risk management.

iDenfy CEO Domantas Ciulde stated, “Data security is the cornerstone of our business as we handle sensitive information on behalf of our clients, ranging from government-issued IDs to biometric data. SOC II certification, along with our ISO 27001 certification and ETSI TS 119 461 compliance for electronic identification and trust services, reinforces our commitment to safeguarding data with the highest standards.”

The certification comes at a time when data security concerns are heightened in the United States, with 3,205 data breaches reported in 2023 affecting over 353 million individuals. The average cost per data breach incident in the US stands at $9.48 million.

The company plans to expand its services into sectors with specialized compliance requirements. “Our next phase will focus on industries requiring not only SOC II but also specialized certifications. Healthcare and insurance providers face complex regulatory requirements, and iDenfy is well-equipped to help them navigate these challenges while ensuring robust data security,” Ciulde explained.

Founded in 2017, iDenfy has grown from three employees to a team of over 40, now serving more than 500 organizations globally. The company’s client portfolio includes the Bank of Lithuania, Juni, Coinmerce, and Betsafe. During the COVID-19 pandemic, iDenfy experienced significant growth as digital transformation accelerated across industries, leading to increased demand for identity verification solutions.

Source: iDenfy

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December 17, 2024 – by the ID Tech Editorial Team