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WaiverForever Successfully Completes SOC 2 Type II Examination

WaiverForever Successfully Completes SOC 2 Type II Examination

WaiverForever, a leading provider of digital waiver solutions, has successfully completed a rigorous SOC 2 Type II examination from 2023, demonstrating its commitment to data privacy and information security [1][2][3][4][5]. This compliance achievement underscores the company’s robust security controls and regulatory compliance measures to safeguard customer data from unauthorized access, security incidents, and other vulnerabilities [1][3][5][6].

The SOC 2 Type II audit is a comprehensive assessment that evaluates the operating effectiveness of an organization’s system and organizational controls over an extended period [3][4]. By obtaining this certification, WaiverForever provides assurance to its customers, clients, and stakeholders that it adheres to industry-leading practices for data confidentiality, processing integrity, and secure availability of its services [1][3][5][6].

Understanding SOC 2 Type II

SOC 2 (Service Organization Control 2) is a framework developed by the American Institute of Certified Public Accountants (AICPA) that assesses a service organization’s internal controls related to security, availability, processing integrity, confidentiality, and privacy of data [7] [8]. It is an auditing procedure that ensures service providers securely manage customer data to protect the interests of the organization and the privacy of its clients [8].

The SOC 2 examination has two types of reports [7]:

  1. SOC 2 Type I: Examines the design of controls at a specific point in time.
  2. SOC 2 Type II: Examines the operating effectiveness of controls over a period of time, typically 3-12 months [7][2] [13].

The key difference between SOC 2 Type I and Type II is that Type I describes the design of controls at a single point in time, while Type II tests the operating effectiveness over a period (typically 6 months) [2] [4]. A SOC 2 Type II report provides greater assurance to customers than a Type I [5].

The SOC 2 examination evaluates an organization’s compliance with the five “trust service principles” [8] [2] [9]:

  • Security: The system is protected against unauthorized access, use, or modification.
  • Availability: The system is available for operation and use as committed or agreed.
  • Processing Integrity: System processing is complete, accurate, timely, and authorized.
  • Confidentiality: Information designated as confidential is protected as committed or agreed.
  • Privacy: Personal information is collected, used, retained, disclosed, and disposed of in conformity with the commitments in the entity’s privacy notice and criteria.

While SOC 2 compliance is not a requirement for SaaS and cloud computing vendors, it is an important way to ensure the security and privacy of customer data [8]. Key benefits of SOC 2 Type II compliance include protecting against data breaches, providing competitive differentiation, improving internal processes and security awareness [7], meeting customer demand for data security, offering peace of mind, and streamlining compliance with other frameworks [10].

The Audit Process

Planning for a SOC 2 Type II audit should commence a few months in advance, as the process can be time-consuming and resource-intensive.

  1. Define the Scope: Decide if you will pursue a SOC 2 audit at the company level or for a specific service [13]. Determine the period of time the audit will cover, with the AICPA recommending at least 6 months for Type II audits [13].
  2. Select Trust Services Criteria: Choose the specific Trust Services Criteria (Security, Availability, Processing Integrity, Confidentiality, Privacy) you want to be audited [13].
  3. Conduct a Gap Analysis: Gather documentation on the relevant information security controls and systems [13]. Compare your current systems and controls against the SOC 2 compliance requirements to identify any gaps [13]. Use this to create a remediation plan before the formal audit [13].
  4. Engage an Auditor: Bring in a SOC auditor to perform a gap analysis and provide recommendations [13]. The auditor will explain the requirements of the selected Trust Services Criteria [13]. Choose an AICPA-affiliated CPA firm with experience conducting SOC 2 audits for companies in your industry and of similar size [13]. Consider factors like their audit process, communication, and personality fit [13].
  5. Evidence Collection and Fieldwork: The auditor will conduct a security questionnaire, gather evidence of controls, evaluate the systems, and follow up on any additional requests [13]. At the end, you will receive a SOC 2 report outlining the results, including any exceptions or issues [13].
  6. Maintain Compliance: The recommended frequency for a SOC 2 audit is every 12 months to maintain compliance [13]. The SOC 2 audit process typically involves: finding the right audit partner, information requests, readiness assessment, evidence collection, fieldwork, and receiving the final SOC 2 report [4].

Compliance management tools like ZenComply can automate and streamline SOC 2 compliance processes [10]. Additionally, the SOC 2 audit process can help you identify ways to streamline your organization’s controls and processes, allowing you to improve the quality and efficiency of your products and services [11].

WaiverForever’s Commitment to Security

WaiverForever ensures electronic signatures captured through its platform are legally binding by complying with the U.S. ESIGN Act and state-level UETA laws. This includes providing a digital audit trail, securely attaching signatures to documents, and storing signed waivers in an encrypted environment with off-site backups [14] [15]. The platform uses advanced encryption (AES-II) and security measures like single sign-on (SSO), SSL, and multi-factor authentication (MFA) to protect customer data from unauthorized access [1].

Key security features of WaiverForever include:

  1. Secure Storage: Signed waivers are encrypted into a single PDF that binds the signature to the document using encryption, ensuring it cannot be removed or altered [16]. These PDFs are stored in Amazon Web Services (AWS) S3 encrypted cloud storage with multiple off-site backups, ensuring data security and preventing loss [14] [16].
  2. GDPR Compliance: For EU-based clients, WaiverForever ensures compliance with the General Data Protection Regulation (GDPR) through measures like a Data Processing Agreement, consent collection mechanisms, and the ability for clients to export or delete their data [14] [15].
  3. Legally Binding Waivers: The platform offers features like PDF mapping, conditional logic, digital signatures, and custom URLs to ensure waivers captured are legally enforceable and binding [1] [14].
  4. Integrations: WaiverForever integrates with over 5,000 tools like Mindbody, Booker, Mailchimp, Dropbox, and Google Drive to streamline workflows and enhance data security through centralized storage [1].

By achieving SOC 2 Type II compliance, WaiverForever demonstrates its commitment to implementing robust security controls that protect customer data from breaches and unauthorized access [2] [5] [11]. This not only safeguards the company’s brand reputation but also attracts more customers, particularly enterprises that require stringent security standards from vendors [10] [11]. The certification provides assurance to customers that WaiverForever has effective security measures in place, opening doors to lucrative business opportunities [2].

Benefits for Customers

For organizations seeking to build trust and credibility with customers, particularly enterprises with stringent security requirements, achieving SOC 2 Type II compliance is a valuable asset [2][3]. The certification provides assurance that WaiverForever has implemented robust security controls and processes to safeguard sensitive data, mitigating the risks of breaches and unauthorized access [3][12]. Key advantages of SOC 2 compliance for WaiverForever’s customers include:

  1. Enhanced Security Posture: SOC 2 compliance ensures that WaiverForever has a comprehensive security infrastructure, tools, and processes in place to protect customer information [3]. This reduces the likelihood of data breaches and security incidents, providing customers with peace of mind.
  2. Increased Trust and Credibility: Achieving SOC 2 Type II certification demonstrates WaiverForever’s commitment to security and data protection [11][12]. This can help build trust faster with potential customers, particularly those in security-conscious industries, and increase customer lifetime value [11].
  3. Competitive Advantage: By attaining SOC 2 compliance, WaiverForever distinguishes itself from competitors without such certification, proving its dedication to maintaining top-notch security standards and keeping customer data safe [11]. This can be a deciding factor for customers evaluating SaaS providers [12].
  4. Streamlined Compliance: SOC 2 compliance overlaps with other security frameworks, such as ISO 27001, potentially simplifying the process of achieving additional certifications [11][12]. Furthermore, a SOC 2 report can help WaiverForever avoid lengthy security questionnaires from enterprise customers, streamlining the onboarding process [11].
  5. Improved Brand Reputation: Maintaining SOC 2 compliance positions WaiverForever as a security-conscious company, enhancing its brand reputation and appeal to third parties [3][12]. This can lead to increased customer acquisition and retention, as well as potential business partnerships and collaborations.

By successfully completing the SOC 2 Type II examination, WaiverForever demonstrates its commitment to implementing industry-leading security practices, providing customers with the assurance that their sensitive data is protected and handled with the utmost care [2][3][11][12].

Conclusion

WaiverForever’s successful completion of the SOC 2 Type II examination is a significant milestone that reinforces its commitment to data security and privacy. By implementing robust security controls and adhering to industry-leading best practices, the company has demonstrated its ability to safeguard customer data from unauthorized access, security incidents, and other vulnerabilities.

This achievement not only strengthens WaiverForever’s position as a trusted provider of digital waiver solutions but also provides customers with the assurance that their sensitive information is handled with the utmost care. The SOC 2 Type II certification paves the way for increased trust, credibility, and a competitive advantage, enabling the company to attract and retain customers who prioritize data security, particularly in security-conscious industries.

FAQs

What is WaiverForever and how does it benefit businesses?

WaiverForever is an online platform that allows businesses to create and manage electronic waivers for their customers to sign digitally, providing several key benefits. It streamlines the waiver process by enabling customers to quickly sign customized waivers online from any device, eliminating the need for paper and creating a smooth, professional experience. This paperless approach saves businesses time and costs associated with printing, storing, and managing physical waivers. All signed waivers are stored digitally in a secure Waiver CRM, making data management easy with search capabilities, analytics, and integration options to gain valuable customer insights for marketing efforts. WaiverForever ensures waivers comply with legal requirements through customization and lawyer review options, while protecting customer data with bank-level security and cloud storage. Businesses can fully customize their waivers, add branding, include survey questions, indicate required fields, and instantly edit or update waivers as needed, providing flexibility across various industries like adventure tours, spas, fitness studios, and more.

References

[1] – https://www.waiverforever.com/
[2] – https://www.strongdm.com/blog/what-is-soc-2-type-2
[3] – https://www.logicgate.com/blog/the-basics-of-soc-2-compliance/
[4] – https://www.a-lign.com/articles/what-is-soc-2-complete-guide-audits-and-compliance
[5] – https://secureframe.com/hub/soc-2/what-is-soc-2
[6] – https://www.itgovernance.co.uk/soc-reporting
[7] – https://secureframe.com/blog/soc-2-type-ii
[8] – https://www.imperva.com/learn/data-security/soc-2-compliance/
[9] – https://www.aicpa-cima.com/topic/audit-assurance/audit-and-assurance-greater-than-soc-2
[10] – https://reciprocity.com/blog/6-reasons-why-you-need-soc-2-compliance/
[11] – https://secureframe.com/hub/soc-2/why-is-soc-2-important
[12] – https://www.onelogin.com/learn/what-is-soc-2
[13] – https://secureframe.com/hub/soc-2/audit-process
[14] – https://blog.waiverforever.com/waiverforever-waiver-data-privacy-security-practices/
[15] – https://help.waiverforever.com/hc/en-us/articles/360021276254-Security-with-WaiverForever
[16] – https://blog.waiverforever.com/where-the-digital-signatures-are-stored-on-waivers/