VersaBank's DRT Cyber Enhances Customer Assurance with New SOC2 Certification
VersaBank's DRT Cyber Enhances Customer Assurance with New SOC2 Certification
In recent news, VersaBank, a leader in digital banking and cybersecurity solutions, has announced that its wholly owned subsidiary, DRT Cyber Inc., has successfully obtained the System and Organization Controls 2 (SOC2) Type 1 Certification through its Penetration Testing division, the Digital Boundary Group, Inc. (DBG). This prestigious certification signifies that DBG's services align with the stringent SOC Trust Services Criteria for Security, bolstering customer confidence in the organization's capabilities to strengthen security measures and reduce cyber risks.
With a strong emphasis on growth, David Taylor, the President and CEO of VersaBank, expressed enthusiasm towards this certification. He highlighted that it reflects the commitment to providing outstanding cybersecurity services, which are becoming increasingly vital in today’s digital landscape. The SOC2 certification is well-regarded within the industry and enhances the value proposition of VersaBank’s cutting-edge cybersecurity solutions. Taylor believes that this certification will propel DRT Cyber’s growth initiatives significantly.
Gurpreet Sahota, the President of DRT Cyber, also shared insights regarding the certification, stating, "Our core mission is to help our customers protect their organization's systems, digital assets, and sensitive data from cyber threats." The successful acquisition of the SOC2 Type 1 Certification reinforces DRT Cyber's dedication to maintaining industry-leading security standards and fostering trust among its clientele.
Developed by the American Institute of Certified Public Accountants (AICPA), SOC2 outlines rigorous guidelines that organizations must adhere to in managing customer data based on Trust Services Principles, such as Security, Availability, Processing Integrity, Confidentiality, and Privacy. To achieve this certification, DRT Cyber underwent a comprehensive compliance audit conducted by Ernst & Young, showcasing the meticulous efforts involved in the process.
About DRT Cyber Inc.
As a subsidiary of VersaBank, DRT Cyber plays a pivotal role in fortifying the cybersecurity posture of various organizations, including governmental bodies, public sector entities, and major corporations. DRT Cyber performs approximately 850 security engagements annually, targeting critical industries such as manufacturing, financial services, and energy. The combination of strategic penetration testing, compliance initiatives, and secure digital storage solutions allows DRT Cyber to effectively assist its clients in exposure and risk management.
About VersaBank
VersaBank stands out as a unique North American bank, operated without physical branches. Its digital, business-to-business model utilizes proprietary technology to cater to underserved segments of the banking industry in a less risky manner. VersaBank benefits from operational efficiencies by securing most deposits and providing lending electronically through partnerships with financial intermediaries. Additionally, the bank recently introduced its Receivable Purchase Program (RPP), after experiencing significant success in Canada for nearly 15 years, into the vast U.S. market.
Trading under the symbol VBNK on the Toronto Stock Exchange and NASDAQ, VersaBank continues to innovate and lead in the cybersecurity arena, adapting to the ever-increasing cyber threats faced by financial institutions and multinational corporations. To learn more, visit www.versabank.com. Follow them on social media channels like Facebook, Instagram, LinkedIn, and X for updates on their latest achievements and services.
Topics Financial Services & Investing）
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