A significant step forward in international data compliance, and a critical milestone for DeNexus’ Knowledge Center and Trusted Ecosystem.
Sausalito, CA, 5 July, 2022: DeNexus Inc., a provider of cyber risk modeling for industrial organizations, global (re)insurers and investors in insurance-linked securities (ILS), has announced it has been granted System and Organizational Controls (SOC) 2 Type 2 data security accreditation.
The company said that SOC 2 compliance, which is seen as a must-have for all businesses storing data in the cloud, illustrated DeNexus’s commitment to the highest standard of controls when dealing with clients’ data.
SOC 2 is developed by the American Institute of Certified Public Accountants (AICPA), and is designed for service providers who store customer data in the cloud. SOC 2 is a unique security framework since it is focuses mostly on proving the security controls that protect customer data.
“Protecting the data of our clients is at the very heart of what we do at DeNexus,” said Jamie Lynn Bussin, Director of Compliance at DeNexus. “Confidence is vital to building trust in our market, and our SOC 2 compliance means that our customers can be reassured that they will receive the gold standard in data security when they do business with DeNexus.”
SOC 2 defines criteria for managing DeNexus’ customer data is based on five ‘trust service principles’ – security, availability, processing integrity, confidentiality and privacy. Each company implements the trust service principle that is applicable to its core business.
The standard requires a technical audit, but also that companies establish and follow strict information security policies and procedures.
“DeNexus customers and (re)insurers will be reassured that the company knows the steps that are needed to be take in the event of a cyberattack, and that it can protect sensitive information” said Ms Bussin.
DeNexus is continuing to seek further accreditation and is aiming for ISO 27001 certification – an international standard on managing information that was jointly created by the international organization for Standardization and the International Electrotechnical Commission– by early 2023.
DeNexus is the leading provider of cyber risk modeling for industrial organizations, global (re)insurers and insurance linked securities (ILS) investors. Our flagship platform, DeRISK, empowers the industrial enterprise and risk underwriters with the ability to quantify and manage cyber risk exposure on a continuous basis. DeRISK is the world’s first self-adaptive, cloud-based technology that predicts where cyber breaches are likely to occur, values their impact on business and guides risk stakeholders towards the best risk mitigation paths for their organization.