FusionIQ, a leader in the delivery of cloud-based wealth management solutions proudly announces its achievement of SOC 2 Type II compliance, a significant milestone in the company's ongoing commitment to data security and privacy. This certification demonstrates FusionIQ's dedication to maintaining the highest standards of security, availability, and confidentiality for customer data, a year after the firm attained SOC 2 Type I certification.
The SOC 2 Type II audit, conducted over an extended period, assesses the operational effectiveness of a company's security controls. By achieving this certification, FusionIQ has successfully demonstrated that its systems and processes meet the rigorous Trust Services Criteria outlined by the American Institute of Certified Public Accountants (AICPA). This framework is designed to ensure the protection of sensitive data from unauthorized access, breaches, and other vulnerabilities.
"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," 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. Prioritizing 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."
SOC 2 Compliance is a critical component of modern business operations, addressing the growing threat landscape of data breaches and cybersecurity vulnerabilities. Data breaches in the United States saw a staggering 78% increase in 2023, compared to 2022, according to Identity Theft Resource Center's Data Breach Report. While SOC 2 Type I reports evaluate controls at a specific point in time, SOC 2 Type II compliance demonstrates that FusionIQ's controls are effective and consistently maintained, offering ongoing protection.
"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. 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."
FusionIQ has emerged as the leader in the development of cloud-native wealth management solutions with the introduction of the award-winning FusionIQ One platform and the suite of easy-to-implement products it powers, including FIQ Freedom, FIQ Journey, FIQ Market One, and FIQ TAMP+. As a core integration platform, FusionIQ One simplifies the wealthtech stack, eliminating friction between front, middle, and back offices. By increasing efficiency in the workflow, FusionIQ One is not only delivering a better experience for advisors and their clients but also lowering costs. Multi-custodian, multi-asset class, and multilingual, FusionIQ is breaking down silos and delivering a holistic approach to wealth management.
