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 conformit脿 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, Disponibilit脿, Integrit脿 del Trattamento, Riservatezza e Privacy.
La subsidiaria de VersaBank, DRT Cyber Inc., ha obtenido la Certificaci贸n SOC2 Tipo 1 a trav茅s de su divisi贸n de Pruebas de Penetraci贸n, el Digital Boundary Group (DBG). Esta certificaci贸n 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 certificaci贸n, desarrollado por AICPA y auditado por Ernst & Young, eval煤a c贸mo 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.
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La filiale de VersaBank, DRT Cyber Inc., a obtenu la Certification SOC2 Type 1 gr芒ce 脿 sa division de tests de p茅n茅tration, le Digital Boundary Group (DBG). Cette certification valide la conformit茅 de DBG aux Crit猫res des Services de Confiance SOC pour la S茅curit茅, renfor莽ant la confiance des clients dans leurs services de cybers茅curit茅, en particulier dans les secteurs r茅glement茅s. Le processus de certification, d茅velopp茅 par l'AICPA et audit茅 par Ernst & Young, 茅value comment les organisations g猫rent les donn茅es des clients selon les Principes des Services de Confiance, y compris la S茅curit茅, la Disponibilit茅, l'Int茅grit茅 du Traitement, la Confidentialit茅 et la Vie Priv茅e.
Die Tochtergesellschaft von VersaBank, DRT Cyber Inc., hat durch ihre Abteilung f眉r Penetrationstests, die Digital Boundary Group (DBG), die SOC2 Typ 1 Zertifizierung erreicht. Diese Zertifizierung best盲tigt die Einhaltung der SOC Trust Services Criteria f眉r Sicherheit von DBG und steigert das Vertrauen der Kunden in ihre Cybersicherheitsdienste, insbesondere in regulierten Branchen. Der von AICPA entwickelte und von Ernst & Young gepr眉fte Zertifizierungsprozess bewertet, wie Organisationen die Kundendaten gem盲脽 den Trust Services Principles verwalten, zu denen Sicherheit, Verf眉gbarkeit, Verarbeitungsintegrit盲t, Vertraulichkeit und Datenschutz geh枚ren.
- 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
尝翱狈顿翱狈,听翱狈, 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.听 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 鈥� 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. 听"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.听 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.听
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FAQ
What certification did VersaBank's DBG subsidiary receive in November 2024?
How does the SOC2 certification benefit VersaBank (VBNK) customers?
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