Arival Bank attains SOC 2 Type 2 certification
Arival has made enormous leaps in the security realm since our founding in 2018. At the very start, security was a central focus, and we demonstrated that in our successful completion of SOC 2 Type 1 only last year. Arival is a Fintech Bank that operates under a multi-layered BaaS model. This flexibility in the system architecture offers multiple technology integrations that provide 3 main features for our services:
- Security
- Performance
- Flexibility
As Fintechs and Neobanks offer digital finance services, there are many questions and challenges for the provision of convenient, cost-efficient and quality services. But, lack of rules and regulations as compared to traditional banking is a major concern. The SOC 2 framework focuses on data protection and it states that an intrusion detection system must be implemented by financial institutions to protect the business and clients in cyberspace. A SOC 2 is an audit that ensures a FinTech can provide a secure operating environment to easily manage sensitive data and protect the organization’s interests and the privacy of its customers. An audit focuses on the internal controls an organization implements to manage customer service. The SOC 2 audit and reporting process is guided by a framework called the Trusted Service Standard. This is why we are proud to announce our move to the next step of a Type 2 SOC 2.
Fintech is a modern concept with a large number of users worldwide, but as that number of users increases, so too does the number of people at risk of data or security breach. So, it is essential to ensure the security of fintech organizations. The two major risks that can be faced by fintech companies are denial of service and phishing attacks. Denial of service attacks hit many businesses in 2017 and is still a major threat to the finance sector. These hackers render the services inaccessible to legitimate users by flooding the traffic pathways. But, with the increase in cyber-attacks, security measures have also been increased drastically to ensure the privacy and protection of sensitive data. Want to learn more? Check our product here.
