In today’s digital financial landscape, you expect more than innovative products — you expect trust. And trust isn’t built on great service alone; it’s earned through transparency, accountability and proven security. That’s where SOC 2 comes in.
SOC 2, short for System and Organization Controls 2, is a rigorous, voluntary framework developed by the American Institute of Certified Public Accountants (AICPA). It assesses how service providers manage customer data, focusing on five key areas: Security, Availability, Processing Integrity, Confidentiality and Privacy.
Put simply, SOC 2 is a third-party attestation that confirms an organization is managing sensitive data responsibly and securely. For financial institutions, SOC 2 compliance is rapidly becoming a baseline expectation — not a nice-to-have.
Why is SOC 2 so important?
More financial institutions are moving to the cloud, relying on service providers for everything from digital banking and payments to core processing and data analytics. With that reliance comes greater risk, particularly around protecting data.
SOC 2 matters because it provides assurance. It tells you that a service provider has implemented and tested the controls needed to protect the confidentiality, integrity and availability of their information.
And because the SOC 2 framework is flexible and scalable, reports can be tailored to each organization’s specific operations. That means you get a clear, independent and credible view of how well your service provider handles data security and risk.
Breaking down the five Trust Services Criteria
Understanding the five pillars of SOC 2 helps explain how the framework supports trust and transparency:
- Security
Ensures that systems are protected from unauthorized access, helping prevent data breaches, cyberattacks and misuse. - Availability
Verifies that systems are reliable and accessible when you and your customers need them — especially crucial for financial services that must operate around the clock. - Processing Integrity
Validates that data and transactions are processed accurately, completely and on time, ensuring records remain trustworthy. - Confidentiality
Confirms that sensitive information – like customer data, proprietary business info or contractual details – are protected with strong access controls and encryption. - Privacy
Ensures personal information is collected, used, stored and disposed of according to sound privacy policies.
Central 1’s upcoming SOC 2 attestation focuses on Security, Availability, and Confidentiality — the pillars most relevant to protecting your data, ensuring service reliability, and safeguarding sensitive information. Together, they form a strong foundation for trust, transparency, and resilience across everything we deliver.
Why Central 1’s SOC 2 attestation matters
As the financial services ecosystem grows more connected and complex, risk and regulatory scrutiny will only increase. SOC 2 provides a proactive, recognized way for organizations like Central 1 to show you and your auditors that your data is safe.
At Central 1, security isn’t considered a feature — it’s part of our foundation. In 2024, we completed a SOC 2 Type I audit, verifying that our controls meet industry-leading standards at a single point in time. Our next goal? Achieving a Type II report in October that validates we maintain those controls consistently over time.
What does that mean for you?
- Peace of mind: Our systems, platforms and processes have been tested and verified to meet high standards of security and reliability.
- Streamlined vendor evaluations: A SOC 2 report gives your team third-party-verified assurance of our security practices — helping reduce delays and simplify onboarding.
- Less risk, more confidence: From wire transfers and payment services to APIs and data infrastructure, you can trust that your data is being handled with care.
In a world where every partnership depends on trust, SOC 2 is fast becoming the gold standard for responsible data stewardship. It helps you sleep better at night — and it helps us deliver on our mission to empower financial institutions across Canada with secure, reliable and future-ready solutions.
