Paramount Commerce Successfully Completes SOC 2 Type 2 Audit

Paramount Commerce Successfully Completes SOC 2 Type 2 Audit cover

Paramount Commerce Successfully Completes SOC 2 Type 2 Audit

October 19, 2023

Paramount Commerce, Canada’s leading bank account-based payment partner, is proud to announce the successful completion of its SOC 2 Type 2 audit, showcasing its dedication to maintaining the highest standards of data security and privacy. This accomplishment reaffirms Paramount Commerce’s position as a trusted partner for businesses and consumers.

Understanding SOC 2 Type 2 Audit

Before delving into the details of Paramount Commerce’s achievement, it’s essential to understand what a SOC 2 Type 2 audit entails. SOC 2, which stands for Service Organization Control 2, is a rigorous framework established by the American Institute of CPAs (AICPA) to assess the security, availability, processing integrity, confidentiality, and privacy of an organization’s systems and data.

A SOC 2 Type 2 audit specifically evaluates a company’s controls and processes over an extended period (typically six months to a year) to determine the effectiveness of its security measures. This comprehensive examination helps organizations identify vulnerabilities, improve security practices, and demonstrate their commitment to safeguarding sensitive information.

Paramount Commerce’s Commitment to Security

Paramount Commerce has always been dedicated to maintaining the highest levels of security and compliance. Our solutions, including INTERAC® and Instant Bank Transfer, handle personal and financial data. This necessitates a robust security infrastructure to protect against data breaches and fraud.

To demonstrate their commitment to security and give peace of mind to their clients, Paramount Commerce embarked on the journey of achieving SOC 2 Type 2 compliance. This rigorous process involved thorough assessments, detailed documentation of security controls, and ongoing monitoring to ensure that security measures remained effective over time.

Key Highlights of Paramount Commerce’s SOC 2 Type 2 Audit Success:

Stringent Security Measures: Paramount Commerce has a wide range of security controls to protect against unauthorized access, data breaches, and other threats. These measures include multi-factor authentication, encryption, and regular security assessments.

Data Privacy and Compliance: Paramount Commerce demonstrated its dedication to safeguarding customer data and ensuring compliance with data protection regulations such as GDPR and CCPA. This commitment assures clients that their data is handled with the utmost care and in accordance with legal requirements.

Continuous Improvement: Achieving SOC 2 Type 2 compliance is not a one-time effort. Paramount Commerce is committed to continuous improvement, regularly reviewing and enhancing its security controls to adapt to evolving threats and challenges.

Client Trust and Confidence: Paramount Commerce’s successful completion of the SOC 2 Type 2 audit reinforces its position as a trusted partner for businesses across various industries, from e-commerce to financial services.

“We are immensely proud of achieving this critical milestone. Completing the SOC 2 Type 2 audit highlights our continuous efforts to ensure the security and integrity of the services and solutions we provide,” said Mark Belgrove, CISO of Paramount Commerce. “Our clients can have full confidence in the robustness of our systems and our unwavering commitment to protect their data.”

Paramount Commerce’s successful completion of the SOC 2 Type 2 audit is a testament to its unwavering dedication to security, privacy, and compliance. This accomplishment not only showcases the company’s commitment to protecting sensitive data but also provides its clients with the confidence that their information is in safe hands. 

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