Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security

Thursday, 25/04/2024 | 09:29 GMT by Tareq Sikder

After completing its Type 1 SOC 2 audit last year, the firm has progressed in data security with the Type 2 audit.

Soc 2 Type 2 audits evaluate control effectiveness over a 3 to 12-month period.

Devexperts, a provider of software and services for the financial industry, has recently announced its successful completion of the Type 2 SOC 2 audit. This achievement has come on the completion of their Type 1 SOC 2 audit in the previous year.

Wrapping Up Type 2 SOC 2 Audit for Data Security Measures

SOC 2 audits, conducted by A-LIGN, are designed to assess an organization's adherence to standards regarding the handling and access of data. They focus on evaluating the effectiveness of controls implemented to mitigate associated risks. The framework of the audit is structured around the Trust Services Criteria, covering various areas, such as information security, access control, vendor management, system backup, business continuity, and disaster relief.

“Cybersecurity should be at the top of the agenda for any organization dealing with client data. As a software development company in the financial industry that services clients with sensitive assets, we perhaps have an even clearer understanding of just how important it is to have adequate protocols and processes in place. We appreciate that these measures are also regarded highly by our clients, so it’s fantastic that we can demonstrate that Devexperts operates within these frameworks and guidelines,” commented Michael Babushkin, the CEO at Devexperts.

Differentiating Type 1 and Type 2 SOC 2 Audits

There are two types of SOC 2 audits: Type 1 and Type 2. Type 1 audits primarily focus on the design of controls and processes currently in place, typically completed within a shorter timeframe of a few weeks. On the other hand, Type 2 audits delve deeper into the effectiveness of these controls over an extended period, ranging from 3 to 12 months. This longer evaluation period of Type 2 audits provides a more comprehensive assessment.

Meanwhile, Devexperts, has introduced DXtrade XT Mobile, as reported by Finance Magnates. It is a new mobile application designed to enhance trading accessibility and user-friendliness for retail investors. The application offers a customizable, white-label solution for retail brokers and supports various financial instruments, such as stocks, options, bonds, and futures.