eToro Secures SOC 2 Type II Compliance Certification
On May 13, 2024, online brokerage eToro proudly announced its achievement of SOC 2 Type II Compliance Certification, a milestone that highlights the company’s dedication to data security and operational excellence.
What is Type II Compliance Certification?
The American Institute of CPAs (AICPA) developed SOC 2 Type II Compliance Certification, a rigorous auditing procedure to ensure service providers securely manage client data. ‘SOC’ stands for System and Organisation Controls, and this certification is particularly critical for technology and cloud computing firms that handle sensitive customer information.
Grant Thornton issued the SOC 2 Type II certification after conducting an extensive audit of eToro’s systems, processes, and controls from August 1, 2022, to June 30, 2023.
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What Does It Mean for Users?
Here is what this certificate means for users of the platform.
Enhanced Data Security
The SOC 2 Type II Compliance Certification ensures that eToro has implemented stringent security measures to protect user data. This means users can trust that their personal and financial information is safeguarded against breaches and unauthorised access.
Increased Trust and Reliability
Achieving this certification signifies eToro’s commitment to maintaining high standards of operational excellence. Users can have increased confidence in eToro’s systems and processes, knowing that an independent audit has verified the company’s adherence to top-tier security practices.
Transparency and Accountability
The certification process involved a thorough examination of eToro’s controls and systems. This transparency reassures users that eToro is accountable for maintaining rigorous data protection and operational management standards.
Commitment to Privacy
Users can feel secure that their data is handled with the utmost confidentiality, complying with industry best practices.
About eToro
eToro, established in 2007 by two brothers, Yoni and Ronen Assia, is an online brokerage platform. The platform revolutionised online trading by introducing OpenBook in 2010, the world’s first social investing platform featuring the CopyTrader™ system, allowing users to copy successful traders. with a valuation of $3.5 billion in its most recent funding round, the platform had 33 million registered users as of June 2023.
Way Ahead
With the SOC 2 Type II Compliance Certification, eToro further enhances its data security measures and operational protocols. This certification reinforces client trust and sets a benchmark for the industry. EToro will likely continue to upgrade its systems and processes to stay ahead of evolving security standards, ensuring the utmost protection for its clients’ data and assets.
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