FusionIQ, a provider of cloud-based wealth management solutions, has successfully attained SOC 2 Type II compliance, marking a critical turning point in the business’s continuous dedication to data security and privacy.
One year after obtaining SOC 2 Type I certification, this accreditation shows FusionIQ’s commitment to upholding the highest levels of security, availability, and confidentiality for customer data.
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The operational efficacy of a company’s security controls is evaluated by a long-term SOC 2 Type II audit. FusionIQ has proven through this certification that its systems and procedures satisfy the exacting Trust Services Criteria set out by the American Institute of Certified Public Accountants (AICPA).
The purpose of this structure is to guarantee that private information is shielded from intrusions, breaches, and other threats.
SOC 2 Compliance, which addresses the expanding threat landscape of data breaches and cybersecurity vulnerabilities, is an essential part of current business operations.
Data breaches in the United States increased by an astounding 78% in 2023 over 2022, as reported in the Data Breach Report by the Identity Theft Resource Center.
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By GlobalDataThough SOC 2 Type I reports assess controls at a given point in time, SOC 2 Type II compliance proves that FusionIQ’s controls are effective and regularly maintained, providing continuous protection.
John Kimbro, chief technology officer of FusionIQ stated: “Achieving SOC 2 Type II compliance is a testament to our team’s dedication to safeguarding client data and ensuring that our security measures not only meet but exceed industry standards. In a time when cyber threats are on the rise, this certification is an assurance to our clients that FusionIQ is fully committed to providing a secure and reliable platform. Prioritising cybersecurity in all our operations, achieving SOC 2 Type II compliance demonstrates our dedication to establishing ourselves as a leading digital wealth management platform provider.”
John Messinger, information security officer of FusionIQ added: “Wealth management and financial planning center on reducing risk and mitigating the negative impacts of its realisation. Cybersecurity operates on a similar paradigm, and SOC 2 Type II compliance provides enhanced credibility and trust for FusionIQ’s clients, especially in today’s cybersecurity environment where data breaches are increasingly prevalent. This certification ensures that FusionIQ’s security controls are functioning effectively over time, reducing the risk of data breaches, and instilling greater confidence among clients and partners alike.”
With the release of the highly regarded FusionIQ One platform and the collection of simple-to-use products that it supports, such as FIQ Freedom, FIQ Journey, FIQ Market One, and FIQ TAMP+, FusionIQ has become an expert in the creation of cloud-native wealth management solutions.
FusionIQ One, as a central platform for integration, streamlines the wealthtech stack by removing obstacles between the front, middle, and back offices.
