System and Organization Controls (SOC) validates IDScloud system controls in place to safeguard data for clients and internal operations
MINNEAPOLIS, MINN. APRIL 29, 2021 — IDS, a leading provider of enterprise mission-critical solutions for the secured finance industry, recently completed its annual System and Organization Controls (SOC) audit and received validation reports for SOC 1® Type 2, SOC 2® Type 2 and SOC 3®. This was conducted by a third-party validation provider over a six-month period to demonstrate ongoing effectiveness of security controls for IDS and IDScloud.
“Trust is the foundation in any relationship,” says Lisa Nowak, lead product manager with IDScloud. “IDScloud leads the market in delivering the most feature-rich, innovative platform serving secured finance companies. Completing SOC examinations for IDScloud provides transparency of our ongoing commitment to delivering the solutions our customers need combined with the security to ensure their data and their customers’ data is secure. It is through this effort that we work to maintain the trust placed in IDS by some of the leading brands in the secured finance industry.”
SOC is a set of guidelines generated by the American Institute of Certified Public Accountants (AICPA) and developed to ensure security, availability, confidentiality, and process integrity of financial organizations. For IDS, an established third-party business and accounting firm performed onsite and virtual audits completing reports on the effectiveness of the IDScloud secured finance platform.
The following outlines the SOC reports that IDS received for 2020-2021:
- SOC 1 Type 2 reporting addresses internal controls over financial reporting and the development of products.
- SOC 2 Type 2 reporting addresses IDScloud controls related to operations and security compliance.
- SOC 3 features a public report of internal controls related to security, availability, processing integrity and confidentiality.
“Completing a SOC examination is a rigorous – and welcomed – process to provide our clients peace of mind that their data is secure with us and that we maintain effective internal controls and safeguards,” says Craig Debban, senior director of IT and information security officer. “This highly regarded reporting means IDScloud ensures all appropriate control protocols are in place and working properly to safeguard data for our clients and our own operations.”
While completing and receiving SOC reports validates IDS’s commitment to ensuring data security and availability for its clients, the company recognizes a strong security posture is a daily around-the-clock commitment. The company has already started the 2021-2022 SOC audit observation period to extend validation of cloud security in all procedures and technologies. Additionally, IDS conducts its own periodic internal reviews and spot checks of its controls.
You can access a publicly available portion of the SOC report here.
IDS offers a suite of secured finance technologies to help banks, specialty finance firms and captive finance organizations drive operational efficiency and growth. Organizations of all sizes rely on our technologies and consultative services to optimize their asset finance, asset-based lending, and factoring operations. Our software solutions are built on IDScloud, a true software-as-a-service (SaaS) platform that offers best-in-class simplicity, scalability, and affordability. IDS serves a global customer base from offices in the United States, the United Kingdom and Australia. The company’s headquarters are located in Minneapolis, Minnesota, USA.
For more information, visit www.idsgrp.com.