At Figment, achieving the SOC 2 Certification was a major milestone in reinforcing our commitment to data security and enhancing our operational performance. This certification is not just a badge of honor; it’s a reflection of a company upholding the highest standards of trust and security in the digital ecosystem. If new to the concept, SOC 2 is an auditing procedure that ensures a service organization’s information security measures aligns with the American Institute of Certified Public Accountants (AICPA)’s Trust Services Criteria. 

There is a core focus on security, availability, processing integrity, confidentiality, and privacy. To understand the broader implications of data security in the current digital landscape, take a look at Harvard Business Review’s article on cybersecurity

For more details on our security practices and the importance of SOC 2 within our operations, take a look at Figment’s security approach.

Why is SOC 2 Important?

In an era increasingly defined by sophisticated cyber threats and high-profile data breaches, SOC 2 stands as a critical benchmark of a company’s steadfast commitment to data security and privacy. At Figment, securing the SOC 2 Type II certification was not merely a milestone; it was our dedication to the highest standards of security practices and our robust commitment to protecting customer information. This achievement not only bolsters reputation but also reassures our clients and partners of our expertise in managing their data with the highest degree of care and professionalism.

However, the significance of SOC 2 extends well beyond Figment. It serves as a foundational framework for the entire industry, compelling companies to adopt a forward-looking stance on security. This proactive approach is essential not just for defending against today’s threats but also for anticipating and neutralizing the challenges of tomorrow. By promoting a culture of continuous improvement, SOC 2 plays a pivotal role in fostering a digital ecosystem that is both secure and trustworthy. A business can thrive on a foundation of mutual trust, while customers can engage with services, knowing that their privacy and data are in safe hands.

As the landscape of regulatory requirements becomes more demanding and public awareness of data privacy issues intensifies, SOC 2 compliance emerges as a key differentiator in the marketplace. It signals to the industry a company’s genuine commitment to data protection, this can potentially influence consumer choices and forging stronger business partnerships. SOC 2 is more than just a compliance checkbox; it represents a commitment to operational excellence in data security and privacy management. It sets a precedent for how businesses need to approach and manage user data in an increasingly interconnected digital world, leading by example and setting the standard for the industry.

SOC 2 vs. ISO 27001: What is The Difference?

Choosing the right compliance certification can be a daunting prospect for companies, given the array of options. SOC 2 and ISO 27001 stand out, each catering to different organizational needs. SOC 2 is specifically designed for service organizations like Figment, focusing on the secure management of customer data. It’s particularly relevant for technology and cloud computing entities in North America, providing a detailed framework tailored to the intricacies of digital services.

ISO 27001 offers a broader information security management framework that can be applicable to any organization. It involves implementing an Information Security Management System (ISMS), recognized globally for establishing information security best practices.

It involves implementing an Information Security Management System (ISMS), recognized globally for establishing information security best practices. ISO 27001 is adopted by a wide range of organizations for its comprehensive approach to information security management. 

This includes:

• Financial Institutions: For protecting financial data and meeting regulatory requirements.
• Healthcare Providers: To secure patient information and comply with local privacy laws.
• Technology Companies: Safeguarding intellectual property and customer data.
• Manufacturing Companies: Protecting proprietary information and supply chain data.
• Government Agencies: Securing sensitive citizen and national security information.
• Educational Institutions: Ensuring the safety of student records and research data.

For a company like Figment, SOC 2 is a strategic choice due to a stand-out focus on service organizations and its alignment with the operational model of a technology company. It directly addresses the challenges of managing customer data, making it an ideal fit for Figment’s commitment to its customers for data security.

What Are The Benefits of SOC 2 Compliance?

Figment’s path to SOC 2 compliance was led by an exhaustive evaluation and enhancement of our security protocols. This initiative was key in enhancing our defenses against cyber threats, ensuring an unparalleled level of protection for our customer data. This approach to security is a testament to the level of commitment required to maintain a fortress-like defense against any potential cyber threats and bad actors, thereby ensuring the integrity and confidentiality of customer data at all times. Let’s take a look at the benefits of being compliant with SOC 2.

Building Customer Trust with SOC 2 Certification

Gaining SOC 2 certification is a significant milestone that serves as an industry benchmark of trust for our customers. It demonstrates that their data is not only handled securely but with the utmost respect and consideration. This certification deepens the trust and loyalty within our customer base, providing them with the assurance that their information is in capable hands. It’s a clear signal that we prioritize their privacy and are committed to upholding the highest standards of data protection in the industry.

The SOC 2 Compliance Advantage

The journey to SOC 2 compliance gave us a valuable opportunity to closely examine and refine our operational processes. This period of introspection led us to adopt more streamlined efficiencies, and secure business practices. The result? A significant uplift in the quality of service we deliver to our customers, directly benefiting them through improved reliability and enhanced security measures.

Leveraging SOC 2 Certification for a Competitive Edge

Within the highly competitive industry of digital services, our SOC 2 certification distinguishes us, emphasizing our deep-rooted commitment to privacy and security. This recognition is crucial in a world where data is increasingly viewed as a valuable asset. Being SOC 2 certified positions Figment not just as a leader in the field, but as a trusted and reliable company in the digital asset industry, recognized for a commitment to data protection.

How Do You Achieve SOC 2 Compliance?

Select an Accredited Audit Firm

The choice of an audit firm was key in the SOC 2 certification process. We sought a partner that not only brought the necessary expertise and knowledge to the table but also shared our core values of thoroughness and integrity. Our collaboration with A-LIGN, a global technology-enabled security and compliance firm was vital for successfully navigating the SOC 2 audit process, ensuring a comprehensive and unbiased evaluation of our practices.

Navigate the Audit Process

The SOC 2 audit was a rigorous examination of our adherence to the Trust Service Criteria. This detailed assessment of our security controls’ design and operational effectiveness was a critical step in achieving our SOC 2 Type II certification. This certification is a clear validation of our commitment to maintaining the highest standards of data security and privacy in the industry.

Achieving SOC 2 Compliance

On our journey to SOC 2 compliance, we had the opportunity to thoroughly examine and enhance our operational workflows. This process of introspection and refinement was not just about meeting standards but about evolving our practices to ensure the utmost security and efficiencies for our customers. We defined our systems and processes that required evaluation to ensure a clear and focused scope for the audit.

Selecting the most relevant Trust Service Criteria for our services, we established and documented robust controls to meet these stringent requirements. This was crucial in building a secure and trustworthy framework for our operations. Conducting a comprehensive risk assessment allowed us to identify any potential vulnerabilities and threats, enabling us to bolster our defenses effectively.

The identification and remediation of control gaps was crucial in our journey. This phase involved a deep dive into our existing control methods, where we pinpointed areas for improvement and implemented necessary changes to enhance our security measures. Engaging with an accredited third-party auditor was a key milestone in our compliance process. This partnership provided us with an impartial and thorough evaluation of our practices, affirming our commitment to maintaining the highest standards of data security and privacy.

Reflecting on the Benefits of SOC 2 Compliance

Figment’s journey to SOC 2 compliance has reinforced Figment’s commitment to data protection, enhancing security measures and deepening customer trust. This process has led to significant operational improvements, making our practices more efficient and secure, which directly benefits our service delivery. In the competitive digital services landscape, our SOC 2 certification emphasizes our dedication to privacy and security.

In short, SOC 2 compliance is not just a certification; it’s a reflection of an ongoing commitment to excellence, security, and trust. As the industry continues to move forward, this is an area that will continue to be a key part of our strategy to provide secure, reliable services, helping us exceed the evolving standards of data security and privacy. This commitment ensures Figment remains a trusted partner in the digital services industry, ready to not only meet, but to surpass the expectations of our customers and partners.

To request a copy of Figment’s SOC 2 audit, you can contact us here. 

The information herein is being provided to you for general informational purposes only. It is not intended to be, nor should it be relied upon as, legal, business, tax or investment advice. Figment undertakes no obligation to update the information herein.