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The Importance of SOC 2 Type II Certification

As hacking and scam attempts increase, the importance of securing your customers’ data has escalated significantly. Whether you’re a lender, partner, enterprise client or dealer, AutoFi gives you the peace of mind you demand from a digital service provider.

AutoFi takes data security seriously. In fact, we employ an external third party to audit our security, availability, processing controls, confidentiality and privacy to earn our SOC 2 Type II Certification. This gives partners and clients alike peace of mind knowing that AutoFi has clear documentation and validation of our policies to control data security.

What is SOC 2 Type II Certification?
Data information security has no room for error. SOC 2 requires standardized safeguard and procedure compliance, with external validation, centered around the following five principles.

Having these safeguards and procedures externally validated isn’t enough. At AutoFi, we take it a step further with annual audits by an accredited third-party. Just recently, we passed our audit for the July 2021-June 2022 period. Our auditors examined 137 control points which we passed at 100%. This is the “Type II” in our SOC 2 Type II Certification.

In light of the newly amended FTC Safeguards Rule, our SOC 2 Type II Certification is the backbone for how AutoFi as a digital service provider can help support some of the FTC compliance rules and regulations set forth.

AutoFi maintains best-in-class safeguards and procedures to ensure data security. We are rigorously committed to delivering technology, processes, and standards with security as a core tenant to ensure that when transacting with the AutoFI platform, your customers’ data is encrypted and secure.

What should you do about SOC 2 Type II Compliance?
If you’re not a client of AutoFi, now is a great time to ask if your digital service provider is SOC 2 Type II compliant. Knowing this upfront is crucial to understanding the extent to which your customers’ sensitive data is protected. You should also obtain the details of your service provider’s operational effectiveness to ensure data and access controls are met.

If you’re in the market for a new digital service provider, let AutoFi give you some peace of mind around compliance. We’ll handle data security so you can get back to doing what you do best—selling cars.

To continue the conversation, book a demo with us today!

*AutoFi is providing this as a general overview of the AutoFi platform in relation to AutoFi’s role as a service provider, not as legal advice.