iDenfy expands in US with SOC II certification

iDenfy, a global RegTech company specialising in Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Business (KYB) verification solutions, has announced its achievement of SOC II certification with the submission of an independent auditor’s report.

New office 

This milestone confirms iDenfy’s position as a trusted partner in the US market, ensuring that its data handling practices meet rigorous standards of security and confidentiality.

The certification coincides with the opening of iDenfy’s new office in Delaware, marking a significant step in the company’s US expansion.

SOC II certification

SOC II certification demonstrates that an organisation has implemented robust processes and controls

SOC II (System and Organisation Controls) is a gold-standard compliance framework developed by the American Institute of Certified Public Accountants (AICPA). It evaluates organisations on five key Trust Service Criteria: security, availability, processing integrity, confidentiality, and privacy.

Specifically designed for service providers managing customer data, SOC II certification demonstrates that an organisation has implemented robust processes and controls to safeguard sensitive information.

Data breaches

SOC II compliance is particularly critical in the US, as data breaches can lead to catastrophic consequences. In 2023 alone, the country reported 3,205 data breaches, affecting over 353 million individuals across various sectors.

These alarming figures highlight the importance of SOC II certification as a key differentiator for businesses handling sensitive data, such as identity documents and physical characteristics biometrics.

ISO 27001 and ETSI TS 119 461 compliance

“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,” said Domantas Ciulde, CEO of iDenfy. 

"SOC II certification and our ISO 27001 certification and ETSI TS 119 461 compliance for electronic identification and trust services reinforce our commitment to safeguarding data with the highest standards."

SOC II requirements

Obtaining a SOC II report requires robust internal product development, security improvements

Obtaining a SOC II report is a rigorous process beyond basic compliance.

It requires robust internal product development, security improvements, and the establishment of long-lasting practices to ensure the security of customer data as well as signaling to partners that iDenfy has implemented comprehensive measures to protect their information.

Cybersecurity measures

iDenfy’s cybersecurity measures include secure encryption, real-time monitoring, and proactive risk management. The company employs AI-powered technology to identify and mitigate vulnerabilities before they can be exploited.

This approach ensures the integrity of its systems while maintaining the trust of its growing customer base.

Addressing cybersecurity challenges

The SOC II certification further strengthens iDenfy’s ability to address cybersecurity challenges for its US clients. As cyberattacks grow more sophisticated, US businesses face rising costs, with data breaches averaging $9.48 million per incident.

By achieving SOC II certification, iDenfy offers clients assurance that their data is protected by secure and reliable infrastructure.

Healthcare and insurance expansion

This milestone comes as iDenfy expands into highly regulated industries in the United States

This milestone comes as iDenfy expands into highly regulated industries in the United States, particularly healthcare and insurance, which demand stringent compliance with specialised certifications such as HIPAA for healthcare and NAIC model audit compliance for insurance.

“Our next phase will focus on industries requiring not only SOC II but also specialised 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,” Domantas Ciulde added.

Reduces compliance risks

SOC II certification not only validates iDenfy’s capabilities but also strengthens its appeal to corporate clients. By adhering to these rigorous standards, iDenfy helps businesses build trust, reduce compliance risks, and respond effectively to cyber threats.

As cyberattacks continue to rise globally, organisations must adopt advanced solutions to secure their operations.

AI-driven tools

iDenfy’s services go beyond verification, addressing broader cybersecurity challenges. Its AI-driven tools detect suspicious activities in real-time, including identity fraud attempts and phishing schemes, enabling businesses to proactively prevent breaches.

Additionally, iDenfy provides scalable solutions for organisations of all sizes, ensuring every client receives the highest level of protection while staying ahead of evolving threats.