Phoebus Software Ltd has taken its data security credentials to the next level by gaining a highly respected industry compliance standard.
PSL has been presented with the 2022 ISAE (UK) 3000 System and Organisation Controls (SOC) 2 Type I Service Auditor’s Assurance Report, supported by KPMG in its application.
SOC 2 is an auditing procedure that ensures companies securely manage data to protect the interests of their organisation and the privacy of their clients.
The SOC 2 Type I report provides a view at a specific point in time by reporting that the controls provided by PSL are fit for purpose, meet market expectations and are implemented correctly.
PSL takes the security of its systems extremely seriously and has been accredited with the ISO 27001 international standard for information security since 2016. This is audited and renewed regularly, with the current accreditation now in place until the next review in 2025.
Warren Higgins (pictured), chief information officer at PSL, said: “This accreditation is a great achievement and demonstrates how PSL meets the most stringent security measures that align with worldwide industry standards and best practices for all sizes of institutions. We expect to receive SOC 2 Type 2 accreditation by the end of 2023.”
SOC 2 Type 2 evaluates the operational effectiveness of data controls over a longer period of time, between 12 and 18 months, as opposed to a single point of time.
Richard Pike, chief sales and marking officer, added: “PSL is regularly in the news for winning new business and renewing existing client contracts. But it is often too easy to forget how much work goes on behind the scenes to ensure we continually offer the highest quality of support to clients, new and old, of all sizes.
“The time and investment Warren and his team continually puts into ensuring our service levels and controls are second to none is significant. This cements our reputation of being the supplier of choice for loan servicing solutions in the UK and Ireland.
“This applies to our product delivery, infrastructure and delivering the controls required to be an active and compliant supplier of the services we provide to all our clients.”
