VoPay Successfully Completes SOC2 Type 2 Audit, Reinforcing Unwavering Trust and Reliability in the Payment Industry

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VoPay, a leading provider of embedded payment technology, is proud to announce the successful completion of its Service Organization Control (SOC) 2 Type 2 audit for the period from February 1, 2023, to September 30, 2023. This achievement underscores VoPay’s unwavering commitment to maintaining the highest standards of information security and operational excellence.

VoPay passed the SOC2 Type 1 audit and received its report earlier this year, and now has completed the SOC2 Type 2 audit on the trust services criteria relevant to security and availability. Type 1 is a snapshot of the service provider’s security controls at a specific point in time, while Type 2 provides a more in-depth assessment of the service provider’s security controls and their effectiveness over a period of time. A SOC 2 Type 2 report instills confidence that a company’s information security systems and controls have operated effectively and efficiently. This covers all aspects of its operations, including infrastructure monitoring, data security, employee onboarding, risk assessment, and the management of security deficiencies.

The successful audit of VoPay’s systems, which involved a comprehensive evaluation of more than 100 controls within Drata, highlights the company’s excellence in maintaining robust security measures. VoPay passed all assessments and provided a solid testament to its secure and reliable service offerings.

This accomplishment is particularly significant in the current climate, where data security is paramount. According to IBM’s 2023 Cost of a Data Breach Report, the average cost of data breaches in 2023 reached a record high of $4.45 million. The report also notes that although there was a decrease in the total cost of data breaches in Canada, the figures remain substantial, underscoring the critical importance of robust data security measures.

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“We at VoPay deeply understand the critical role of trust and reliability in the payment industry,” said Hamed Arbarbi, VoPay CEO. “Achieving this level of compliance is crucial, not merely as a symbol of excellence but as an essential gateway for any business seeking partnerships with financial institutions and key players in the industry. This accomplishment is a clear indication of VoPay’s steadfast commitment to implementing controlled, consistent processes, with client security always at the forefront of our priorities.”

VoPay’s SOC 2 Type 2 compliance achievement is more than just a regulatory milestone; it is a declaration of the company’s dedication to upholding the highest information security standards. This accomplishment positions VoPay as a trusted partner in the financial services industry, ready to meet the evolving challenges of data security and privacy in the digital age.

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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