Spring Labs Achieves SOC 2 Data Security Standards Compliance

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Nov 12, 2019, 18:06 ET

LOS ANGELES, Nov. 12, 2019 /PRNewswire/ -- Spring Labs is excited to announce it has successfully completed independent SOC 2 compliance audits and received its SOC 2 Type-2 Report for its Spring Protocol platform—a blockchain based platform designed to transform how information and data are shared globally.

The goal at Spring Labs is to create an inclusive, efficient and secure global financial ecosystem. As a data exchange platform, data security is of critical importance to its customers. "The SOC 2 attestation is a key milestone for us. It shows our complete commitment to our partners, and participants in our consortia, that we hold data security as a top priority," said SVP of Technology, Brian Sweeney.

About SOC 2

SOC 2 is considered the industry standard for info security and held only by organizations with a rigorous and demonstrated commitment to protecting user data. It was developed by the American Institute of CPAs (AICPA) and was specifically designed for service providers using the cloud for services such as data hosting, colocation data processing and SaaS companies. To earn a SOC 2 Type-2 attestation report, a company designs and implements controls to meet AICPA's Trust Service Criteria (TSC). The audit for Spring Labs focused on 3 TSCs: security, availability, and confidentiality.

Security: The system is protected against unauthorized access (both physical and logical)
Availability: The system is available for operation and use as committed or agreed upon
Confidentiality: Information that is designated "confidential" is protected according to policy or agreement

The SOC 2 attestation demonstrates that a qualified independent accounting and auditing firm has examined an organization's objectives and practices to provide an unbiased assurance that their platform is safe and secure. Additionally, vendors are not required to be SOC 2 compliant. The process for receiving SOC 2 Type-2 reports is time-consuming and rigorous; however, Spring Labs decided to pursue this attestation at an early phase in the company to demonstrate that data security is at the foundation of everything we build.

Contact: Daniel Mason, [email protected]

SOURCE Spring Labs