Neoflow Inc, an Energy Technology Company, attains SOC 2, Type 1 Compliance

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Jan 17, 2023, 06:00 ET

CALGARY, AB, Jan. 17, 2023 /PRNewswire/ - Neoflow, a Calgary based blockchain company, has successfully achieved Service Organization Control ("SOC") 2 Type 1 compliance, in accordance with the American Institute of Certified Public Accountants ("AICPA") standards for SOC for Service Organizations also known as SSAE 18. The audit was conducted by Prescient Assurance, a leader in security and compliance attestation for B2B and SAAS companies. Neoflow leveraged Drata, a leading security and compliance automation platform, to continuously monitor its internal security controls against the highest possible standards. With Drata, Neoflow has real-time visibility across the organization to ensure the end-to-end security and compliance posture of our systems.

An unqualified opinion on a SOC 2 Type I audit report demonstrates to Neoflow's customers that they manage their data with the highest standard of security and compliance. Neoflow's SOC 2 report verifies the existence of internal controls which have been designed and implemented to meet the requirements for the security principles set forth in the Trust Services Principles and Criteria for Security. It provides a thorough review of how Neoflow's internal controls affect the security, availability, and processing integrity of the systems it uses to process users' data, and the confidentiality and privacy of the information processed by these systems.

"Together with the recent successful Red team review conducted by the U.S. Department of Homeland Security, obtaining the SOC 2 Type 1 attestation reinforces our ongoing commitment to the security, availability, and processing integrity of the Neoflow platform," says Patrick Mandic, Chief Technical Officer at Neoflow. "Our customers can feel confident that we are investing to establish and maintain the highest level of security and compliance."

As companies increasingly use outside vendors to perform activities that are core to their business operations and strategy, there is need for more trust and transparency into cloud service providers' operations, processes, and results.

The Neoflow Platform for Crude Oil is being developed with the support of the U.S. Department of Homeland Security ("DHS"), through their Silicon Valley Innovation Program (SVIP). Neoflow was awarded a contract in 2019 under the auspices of the DHS Preventing Forgery & Counterfeiting of Certificates and Licenses solicitation to develop the Platform. The Platform will modernize the movement of oil and natural gas between Canada and the United State through the development of standards-based technologies that utilize Verifiable Credentials (W3C) and distributed ledger technology (DLT).

About Neoflow

Neoflow Inc. is a Calgary based company, a team of digital innovators, entrepreneurs and energy industry experts. We have a common passion for transformation in the energy industry along with a common belief that the Neoflow platform will create opportunities to transform the energy value chain. To learn more about Neoflow visit our website www.neoflow.energy and follow us on LinkedIn, Twitter, and Medium.

About Drata

Drata is the world's most advanced security and compliance automation platform with the mission to make compliance effortless and accessible. With Drata, thousands of companies streamline over 14 compliance frameworks—such as SOC 2, ISO 27001, GDPR, and more—through continuous, automated control monitoring and evidence collection, resulting in a strong security posture, lower costs, and less time spent preparing for annual audits. For more information, visit drata.com.

About Prescient Assurance

Prescient Assurance is a leader in security and compliance attestation for B2B, SAAS companies worldwide. Prescient Assurance is a registered public accounting in the US and Canada and provides risk management and assurance services which includes but is not limited to SOC 2, PCI, ISO, NIST, GDPR, CCPA, HIPAA, and CSA STAR. For more information about Prescient Assurance, you may reach out them at [email protected].

SOURCE Neoflow