iDenfy adds SOC II cybersecurity framework to safeguard US partners sensitive information from data breach attacks
Delaware, United States, December 10, 2024 -- iDenfy, a global RegTech leader specializing in Know Your Customer (KYC), Anti-Money Laundering (AML), and Know Your Business (KYB) solutions, has achieved SOC II certification. This milestone underscores iDenfy’s commitment to safeguarding sensitive information and highlights its proactive approach to cybersecurity for clients across the US.
The financial consequences of data breaches became more significant, with the average cost of a cyber incident in the US reaching $4.88 million per incident, according to Data breach report 2024. Luckily, SOC II certification, developed by the American Institute of Certified Public Accountants (AICPA), was able to provide a comprehensive framework for organizations to manage sensitive customer information by evaluating key Trust Service Criteria, including security, availability, processing integrity, confidentiality, and privacy, that allowed them to estimate and minimize cybersecurity accidents on the internet.
Companies often face prolonged operational disruptions and diminished customer trust. Individuals impacted by breaches frequently experience financial fraud, identity theft, and other personal losses, further amplifying the risks. SOC II certification provides reassurance to iDenfy’s partners that they are working with a trusted provider, helping them navigate through the regulatory landscape while reducing compliance risks.
“Cybersecurity is no longer a secondary concern—it’s a business essential. Our SOC II certification, together with our ISO 27001 Information Security Management System certification and ETSI TS 119 461 compliance for electronic identification and trust services, demonstrates our strong and ongoing commitment to data protection. This milestone is a testament to our dedication to safeguarding customer information with the highest standards.” said Domantas Ciulde, CEO of iDenfy.
In brief
iDenfy says it has achieved SOC II certification, adding a cybersecurity framework to its services for U.S. partners. The company says the certification reflects measures including encryption, ongoing monitoring and AI-supported risk management. It also cited its ISO 27001 certification and ETSI TS 119 461 compliance as part of its data-protection efforts. iDenfy says its identity verification and fraud-prevention services support regulated sectors, including healthcare and insurance, where organizations face specific compliance needs. CEO Domantas Ciulde said the company aims to help businesses in those industries address cybersecurity challenges as it grows its U.S. presence. The release cites a reported average U.S. cyber incident cost of $4.88 million, attributing the figure to the 2024 Data Breach Report.
Key takeaways
- iDenfy announced that it has achieved SOC II certification.
- The company says its security measures include encryption, continuous monitoring and AI-driven risk management.
- iDenfy identifies healthcare and insurance as sectors its services are designed to support.
- CEO Domantas Ciulde said the company aims to help U.S. healthcare and insurance businesses address cybersecurity challenges.
In order to achieve SOC II certification, iDenfy was required to implement advanced security measures, such as robust encryption protocols to protect information during transmission and storage, continuous real-time monitoring to identify and address vulnerabilities, and add AI-driven risk management systems to neutralize potential threats. These measures reinforced company’s leadership in cybersecurity and compliance, as not every identity verification firm can be trusted and receive SOC II certification.
iDenfy’s services are particularly critical for highly regulated industries such as healthcare and insurance. These sectors face unique compliance requirements, including HIPAA for healthcare providers and NAIC model audit compliance for insurers. iDenfy is strategically positioned to support businesses in these industries, offering scalable solutions that meet specialized needs.
Domantas Ciulde added, “Our focus is not only on meeting SOC II requirements but also on addressing industry-specific challenges. As we expand our presence in the US, we aim to empower healthcare and insurance businesses with the tools and frameworks necessary to tackle cybersecurity threats.”
iDenfy’s AI-powered systems enable to detect and mitigate any identity fraud, phishing schemes, and other malicious activities, helping businesses maintain proper operational activities experience. By offering advanced, scalable solutions with the highest regulation compliance measurement tools, iDenfy ensures that its clients stay ahead of evolving cybersecurity threats and build trust.
About the company: iDenfy, a RegTech platform best known for its wide variety of identity verification services and fraud prevention tools, ensures KYC, KYB and AML compliance for every company — from large-scale businesses to small organizations in industries like FinTech, iGaming, cryptocurrency, e-commerce, and more. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Winter 2024 report as the number-one AML software. For more information and business inquiries, please visit www.idenfy.com.
Contact Info:
Name: Aurimas Kybartas
Email: Send Email
Organization: iDenfy
Address: Barsausko g. 59
Phone: +37067644539
Website: https://www.idenfy.com/
Video URL: https://www.youtube.com/watch?v=je1oqkbj7Uo
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Questions around this news
What is SOC 2, and what does it assess?
SOC 2 is an auditing framework for evaluating how a service organization manages information and controls related to customer data. Its Trust Services Criteria cover security, availability, processing integrity, confidentiality, and privacy. The scope and criteria considered depend on the organization and the services being assessed.
What cybersecurity measures did iDenfy say it implemented?
The release says iDenfy implemented encryption to protect information in transit and at rest, continuous real-time monitoring to identify vulnerabilities, and AI-driven risk management systems to address potential threats. It presents these measures as part of the work involved in achieving SOC II certification.
Which industries does iDenfy say it aims to support in the US?
The release highlights healthcare and insurance as industries with particular compliance needs. It says iDenfy offers scalable solutions for businesses in these sectors and identifies HIPAA requirements for healthcare providers and NAIC model audit compliance for insurers as relevant considerations.
What do KYC, KYB, and AML mean?
KYC means “Know Your Customer” and refers to checks used to verify a customer's identity. KYB, or “Know Your Business,” applies similar verification to companies. AML, or “Anti-Money Laundering,” describes laws, controls, and procedures intended to detect and prevent the movement of illicit funds.
