Today, after many months of working behind the scenes, we are proud to announce that Runbear has achieved SOC 2 Type II certification.
Some might ask, why would an early stage company go through this process? For us, the answer is quite simple. As we are a company that works in adjunction with AI, we believe that adhering to the most stringent security standards is important for us and for our customers.
What is SOC 2 Compliance?
SOC 2 compliance is a designation indicating that a company meets specific criteria for managing customer data based on five "trust service principles" set by the American Institute of CPAs, or the AICPA. These principles are the following:
- Security: Protection against unauthorized access (both physical and logical).
- Availability: Ensuring the system is operational and accessible as agreed.
- Processing Integrity: Ensuring processing is complete, valid, accurate, timely, and authorized.
- Confidentiality: Safeguarding information designated as confidential.
- Privacy: Managing personal information according to privacy commitments.
Key Points of SOC 2 Type II Compliance:
- Scope: Unlike SOC 1, which focuses on financial reporting controls, SOC 2 focuses more on data security and privacy.
- Evaluation Period: SOC 2 Type II is more rigorous than Type I. While Type I reports on the suitability of the design of controls at a specific point in time, Type II reports on the operational effectiveness of those controls over a defined period. This period typically lasts between 3 to 12 months.
- Assessment: This assessment is conducted by an independent third-party auditor who evaluates how effectively the company's controls protect customer data.
- Documentation: The documentation outlines company’s processes and policies in relation to the trust service principles.
Benefits of SOC 2 Type II Compliance:
- Customer Trust: Demonstrates our commitment to security and has effective controls measures. As a result, customers can use our services with a greater peace of mind.
- Competitive Advantage: Differentiates us in the market, attracting clients who prioritize security.
- Risk Management: Helps identify and mitigate risks related to data security and privacy.
- Regulatory Compliance: Assists in meeting regulatory requirements for data protection and privacy.
As a SOC 2 Type 2 audit monitors our security controls over several months, it’s a more comprehensive report and demonstrates the effectiveness of Runbear’s infrastructure in terms of keeping our customers' data safe. Thus, we believe that achieving SOC 2 Type II compliance strengthens our commitment to data security.