What is SOC 2?
System and Organization Controls, as defined by the American Institute of Certified Public Accountants (“AICPA”), encompasses a suite of reports produced during an audit. Specifically, SOC 2 defines criteria for managing customer data based on five “trust service criteria” - security, availability, processing integrity, confidentiality and privacy. Following a thorough examination of a company’s policies, procedures and infrastructure by an independent third-party auditor, a SOC 2 report is issued. This report is an attestation by a certified public accountant (CPA) stating that an organization has met the official SOC 2 standards issued by the AICPA.
The importance of SOC 2 in protecting insurance customers
In the data-driven landscape of insurance, the protection of sensitive information is paramount. Insurance companies handle vast amounts of confidential data, making data security and compliance crucial components of their operations. As insurers entrust Sinistar with handling the data of their policyholders, we understand the ongoing risks of cyber breaches, which affect insurers, policyholders, claims adjusters, and suppliers. These stakeholders deserve to know that their data is being handled with the utmost care and security.
Sinistar’s SOC 2 Type I attestation not only demonstrates our commitment to the best business practices, but also helps to keep cyber threats at bay. It helps mitigate the risks of customer data related fraud, and shows our dedication to the proper handling of data that insurers intrust in us.
To this effect, we strongly recommend that insurers verify that their providers have obtained SOC 2 or similar certification.
Continuous improvement and next steps
While celebrating our recent accomplishment with the SOC 2 Type I attestation, we are already embarking on our next venture to obtain our SOC 2 Type II report. We deeply value the trust placed in Sinistar by our insurers and customers, irrespective of their size.
This new step highlights our pursuit of excellence in data protection, reinforcing our position as a trusted and innovative partner in today’s ever-evolving insurance landscape.
Your trust in Sinistar is the driving force behind our continuous journey towards setting new standards in data security, and we’re excited to reach new heights.