VERSABANK SUBSIDIARY DRT CYBER STRENGTHENS CUSTOMER VALUE PROPOSITION WITH ROBUST SOC2 TYPE 1 CERTIFICATION
VersaBank's subsidiary DRT Cyber Inc.'s Penetration Testing division, Digital Boundary Group (DBG), has achieved SOC2 Type 1 Certification. This certification validates DBG's compliance with SOC Trust Services Criteria for Security, enhancing customer confidence in their cybersecurity services, particularly for regulated industries. The certification process, developed by AICPA and audited by Ernst & Young, evaluates how organizations manage customer data according to Trust Services Principles including Security, Availability, Processing Integrity, Confidentiality, and Privacy.
La sussidiaria di VersaBank, DRT Cyber Inc., ha raggiunto la Certificazione SOC2 Tipo 1 attraverso la sua divisione di Penetration Testing, il Digital Boundary Group (DBG). Questa certificazione convalida la conformità di DBG ai Criteri dei Servizi di Fiducia SOC per la Sicurezza, aumentando la fiducia dei clienti nei loro servizi di cybersecurity, in particolare per le industrie regolamentate. Il processo di certificazione, sviluppato da AICPA e auditato da Ernst & Young, valuta come le organizzazioni gestiscono i dati dei clienti secondo i Principi dei Servizi di Fiducia, tra cui Sicurezza, Disponibilità, Integrità del Trattamento, Riservatezza e Privacy.
La subsidiaria de VersaBank, DRT Cyber Inc., ha obtenido la Certificación SOC2 Tipo 1 a través de su división de Pruebas de Penetración, el Digital Boundary Group (DBG). Esta certificación valida el cumplimiento de DBG con los Criterios de Servicios de Confianza SOC para la Seguridad, aumentando la confianza de los clientes en sus servicios de ciberseguridad, especialmente para las industrias reguladas. El proceso de certificación, desarrollado por AICPA y auditado por Ernst & Young, evalúa cómo las organizaciones gestionan los datos de los clientes de acuerdo con los Principios de Servicios de Confianza, que incluyen Seguridad, Disponibilidad, Integridad del Procesamiento, Confidencialidad y Privacidad.
VersaBank의 자회사인 DRT Cyber Inc.의 침투 테스트 부서인 Digital Boundary Group (DBG)가 SOC2 타입 1 인증을 획득했습니다. 이 인증은 DBG가 보안에 대한 SOC 신뢰 서비스 기준을 준수하고 있음을 검증하여 규제 산업의 사이버 보안 서비스에 대한 고객 신뢰를 높입니다. AICPA에 의해 개발되고 Ernst & Young에 의해 감사되는 인증 프로세스는 조직이 고객 데이터를 신뢰 서비스 원칙에 따라 어떻게 관리하는지를 평가합니다. 여기에는 보안, 가용성, 처리 무결성, 기밀성 및 개인 정보 보호가 포함됩니다.
La filiale de VersaBank, DRT Cyber Inc., a obtenu la Certification SOC2 Type 1 grâce à sa division de tests de pénétration, le Digital Boundary Group (DBG). Cette certification valide la conformité de DBG aux Critères des Services de Confiance SOC pour la Sécurité, renforçant la confiance des clients dans leurs services de cybersécurité, en particulier dans les secteurs réglementés. Le processus de certification, développé par l'AICPA et audité par Ernst & Young, évalue comment les organisations gèrent les données des clients selon les Principes des Services de Confiance, y compris la Sécurité, la Disponibilité, l'Intégrité du Traitement, la Confidentialité et la Vie Privée.
Die Tochtergesellschaft von VersaBank, DRT Cyber Inc., hat durch ihre Abteilung für Penetrationstests, die Digital Boundary Group (DBG), die SOC2 Typ 1 Zertifizierung erreicht. Diese Zertifizierung bestätigt die Einhaltung der SOC Trust Services Criteria für Sicherheit von DBG und steigert das Vertrauen der Kunden in ihre Cybersicherheitsdienste, insbesondere in regulierten Branchen. Der von AICPA entwickelte und von Ernst & Young geprüfte Zertifizierungsprozess bewertet, wie Organisationen die Kundendaten gemäß den Trust Services Principles verwalten, zu denen Sicherheit, Verfügbarkeit, Verarbeitungsintegrität, Vertraulichkeit und Datenschutz gehören.
- Obtained SOC2 Type 1 Certification, strengthening market position in cybersecurity services
- Enhanced value proposition for customers in regulated industries
- Demonstrates compliance with industry's highest security standards
- None.
Insights
The SOC2 Type 1 certification represents a significant strategic enhancement for VersaBank's cybersecurity division. This certification is particularly valuable in the financial and regulated sectors where security compliance is paramount. The audit by Ernst & Young adds substantial credibility and will likely strengthen DBG's competitive position in high-value enterprise contracts.
The timing is strategic as cybersecurity spending continues to grow, especially in regulated industries. The certification addresses a critical market need as organizations face increasing pressure to work with verified security vendors. This positions DBG to capture a larger share of the enterprise security testing market, particularly in financial services where compliance requirements are stringent.
While this certification is a positive development for VersaBank's cybersecurity subsidiary, its immediate financial impact may be moderate. The real value lies in its potential to accelerate revenue growth through enhanced credibility with larger enterprise clients and regulated industries. The certification should help reduce sales friction and potentially command premium pricing for security services.
For a bank with a market cap of
LONDON, ON, Nov. 25, 2024 /PRNewswire/ - VersaBank ("VersaBank" or the "Bank") (TSX: VBNK) (NASDAQ: VBNK), a leader in digital banking and cyber security solutions, today announced its wholly owned subsidiary DRT Cyber Inc.'s ("DRTC") Penetration Testing division, Digital Boundary Group, Inc. ("DBG"), has obtained System and Organization Controls 2 ("SOC2") Type 1 Certification. This certification affirms that DBG's services comply with the SOC Trust Services Criteria for Security, thereby providing customers, particularly those in regulated industries, with increased confidence in DBG's ability to strengthen their security posture and mitigate cyber risks.
"DRTC has a track record of strong, steady growth and, as a premier North American provider in the increasingly critical cybersecurity services industry, we are focused on accelerating that growth," said David Taylor, President and Chief Executive Officer, VersaBank. "This certification – the gold standard of testing and compliance in IT security -- further enhances the value proposition of our state-of-the-art cyber security capabilities for our customers, supporting DRTC aggressive growth plans."
"Our core mission is to help our customers protect their organization's systems, digital assets, and sensitive data from cyber threats," said Gurpreet Sahota, President, DRTC. "Achieving SOC2 Type 1 Certification underscores our commitment to fulfilling that mission in adherence with the industry's most trusted and respected security standards. We are excited about the benefits and enhanced trust the certification will bring to the business."
Developed by the American Institute of Certified Public Accountants ("AICPA"), SOC2 outlines how organizations manage customer data according to stringent Trust Services Principles, including Security, Availability, Processing Integrity, Confidentiality, and Privacy. The attestation process included a rigorous compliance audit conducted by Ernst & Young.
About DRT Cyber Inc.
DRTC helps leading government, public sector organizations, and corporations harden their cybersecurity posture and achieve compliance. Through a combination of strategic penetration testing, compliance alignment and secure digital storage services, DRTC helps its customers achieve exposure and risk management objectives. DRTC conducts approximately 850 security engagements a year, supporting government agencies and global corporations across a range of critical industries, including manufacturing, financial services, and the energy sector.
DRTC is a subsidiary of VersaBank and operates offices in
About VersaBank
VersaBank is a North American bank (federally chartered in
VersaBank's Common Shares trade on the Toronto Stock Exchange ("TSX") and Nasdaq under the symbol VBNK.
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SOURCE VersaBank
FAQ
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