In a move toward fortifying data security, FusionIQ, a wealthtech provider, has achieved SOC 2 Type II compliance. This certification represents a step in FusionIQ’s ongoing mission to mitigate cybersecurity risks for its financial advisory and institutional clients, emphasizing the company’s decision to protect sensitive data in an era marked by a sharp rise in cyber threats.
SOC 2 compliance has become increasingly critical for modern businesses due to escalating threats. According to the Identity Theft Resource Center’s Data Breach Report, data breaches in the United States surged by an alarming 78% in 2023 compared to 2022. Against this backdrop, SOC 2 Type II compliance distinguishes itself by demonstrating that an organization’s security controls are not only robust but also effective and consistently maintained over time, offering ongoing protection against data breaches and unauthorized access.
“Wealth management and financial planning center on reducing risk and mitigating the negative impacts of its realization,” said John Messinger, information security officer of FusionIQ. “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.”
Risk mitigation in wealth management
FusionIQ’s SOC 2 Type II compliance follows an extensive audit of its security processes and controls over an extended period, underscoring the company’s proactive approach to cybersecurity. The certification ensures that FusionIQ adheres to the rigorous Trust Services Criteria set forth by the American Institute of Certified Public Accountants (AICPA), which covers security, availability, confidentiality, and data integrity standards.
“Achieving SOC 2 Type II compliance is a testament to our team’s dedication to safeguarding client data,” said John Kimbro, chief technology officer of FusionIQ. “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.”
The emphasis on risk mitigation is integral to FusionIQ’s operations, which are centered around delivering cloud-native wealth management solutions through its FusionIQ One platform.
