Summary: EscrowTech has earned SOC 2 and ISO 27001 certifications, showcasing its strong commitment to information security. These certifications prove the company’s dedication to maintaining the highest security standards for handling sensitive data and inspire trust among clients, including Fortune 500 companies.
When choosing an escrow agent, few things are more important than their dedication to security. In today’s increasingly digital world, that goes beyond simply offering off-site physical storage.
Agencies serious about information security pursue SOC 2 and ISO 27001 certifications, taking their commitment to the next level.
EscrowTech is proud to announce that they have received both SOC 2 and ISO 27001 certifications this year. This required the organization to pass two rigorous compliance audits involving a lengthy and stringent certification process.
These globally recognized certifications are clear proof that EscrowTech holds the organization to the highest possible security standards. Prospective clients should feel confident in EscrowTech’s handling of customer data. Likewise, they should take comfort in its risk-based approach to information security management.
We’ll take a closer look at what ISO 27001 and SOC2 compliance means for an organization like EscrowTech. Continue reading to learn why both accreditations are inspiring enhanced trust in America’s top Fortune 500 companies.
What is the ISO 27001 Certification?
The ISO 27001 accreditation represents the best practices for the management of information security management systems (ISMS). It’s based on a framework designed in tandem by the International Electrotechnical Commission and the International Organization for Standardization (ISO).
This framework was created to ensure 3 crucial aspects of data security, including:
- Data Availability: Grants authorized users access to data and information when needed and only when needed.
- Confidentiality: Protects information from unauthorized access and disclosure.
- Integrity: Maintains the completeness and accuracy of data and information. Ensures it is not tampered with, altered, or changed by unauthorized parties.
The standards outlined are formally recognized on an international level.
The goal of certification is to prove that an organization’s ISMS meets the strictest compliance measures worldwide. Organizations are audited based on a set of universal security standards, regardless of their industry.
Ultimately, to earn the certification, an organization must be audited by an external auditing body. The auditor looks for seven main requirements with 114 suggested controls. Receiving ISO 27001 certification serves as proof of an organization’s credibility on a global scale.
Earning the ISO 27001 certification can take up to a year and requires ongoing maintenance and audits. Simply pursuing such stringent compliance measures is proof of an organization’s high commitment to security.
What ISO 27001 Compliance Means for EscrowTech
The fact that ISO 27001 compliance is a formal international standard means something. You can be confident that EscrowTech’s handling of your source code, SaaS assets, or IP is of the highest caliber. In fact, it is on par with the level of data management in secure government agencies.
Even healthcare organizations tasked with protecting the most sensitive information work toward the same set of ISMS standards. Earning the ISO 27001 certification is proof of robust global regulatory compliance.
Be aware that ISO 27001 accreditation is not a legal requirement in the technology escrow industry. It requires additional preparation, time, and expense to pursue. This serves as proof that EscrowTech goes above and beyond to deliver peace of mind to their clients. It also shows commitment to an ongoing process of maintenance and improvement.
The bottom line is that you can trust EscrowTech with your mission-critical software, source code, and other assets.
What is SOC2 Compliance?
While the ISO 27001 certification meets a global standard, SOC2 compliance is commonly recognized specifically in North America. It was created by the American Institute of Certified Public Accountants (AICPA) and stands for Service Organization Control 2.
The SOC2 framework is based on five basic service principles:
- Security: Protecting customer data and other information from unauthorized access.
- Availability: Ensuring ongoing access to mission-critical data and information.
- Processing Integrity: Proving that all internal systems operate as anticipated.
- Confidentiality: Limiting the access and use of confidential data and information.
- Privacy: Keeping sensitive personal information safe from unauthorized access.
Unlike the ISO 27001 process, the SOC2 is customizable. The audit can be tailored to reflect a given industry and focus on the most critical service principles therein. It’s conducted by a trained representative from a licensed CPA firm.
With that said, there is technically no SOC2 certification. Instead, the SOC2 audit yields a formal, qualitative attestation report that serves as proof of compliance.
While the SOC2 certification can stand alone, it primarily serves as a way to vouchsafe an existing ISMS. When combined with an ISO 27001 certification, it’s proof that an organization’s security is air-tight.
Ultimately, pursuing a SOC2 audit displays a commitment to continuous, ongoing improvement. The result is a more well-rounded, robust, and compliant security program.
What SOC2 Compliance Means for EscrowTech
Both the SOC2 and ISO 27001 certifications have overlapping requirements. The ISO 27001 is focused on building out an organization’s ISMS. In contrast, the SOC2 is focused on addressing an organization’s unique security needs.
The ISO 27001 alone would have been enough to demonstrate formal compliance on a global level. EscrowTech’s commitment to bolstering its credibility with SOC2 is proof it goes above and beyond.
As an organization that handles sensitive, valuable, and mission-critical assets, this commitment to comprehensive compliance matters. EscrowTech is happy to share its certifications and attestation reports to inspire peace of mind in potential clients. Meanwhile, existing clients can rest assured that EscrowTech maintains its fierce commitment to trustworthiness, security, and industry best practices.
EscrowTech Values Security
Contact us today to learn more about how EscrowTech can secure your Software and IP.