What is SOC2 Compliance?
SOC 2 is a voluntary compliance standard for service organizations, developed by the American Institute of CPAs (AICPA), which specifies how organizations should manage customer data. A SOC 2 report is tailored to the unique needs of each organization. Depending on its specific business practices, each organization can design controls that follow one or more principles of trust. These internal reports provide organizations and their regulators, business partners, and suppliers, with important information about how the organization manages its data.
Read more about SOC2 compliance: https://us.aicpa.org/interestareas/frcassuranceadvisoryservices/aicpasoc2report
Why is SOC2 important to you?
Despite a software escrow agent’s role in protecting business critical technology for many of the world’s largest companies and governmental organizations the software escrow industry is largely unregulated. PRAXIS felt that voluntarily committing to SOC2 compliance was an effective way to demonstrate our commitment to protecting our clients’ data.
For a copy of our SOC2 Report please contact us at: support@praxisescrow.com
Chris Smith Author
Chris Smith is the Founder and CEO of PRAXIS Technology Escrow and a recognized leader in software and SaaS escrow with more than 20 years of industry experience. He pioneered the first automated escrow solution in 2016, transforming how escrow supports Agile development, SaaS platforms, and emerging technologies.
This is great news! Achieving SOC2 compliance is a significant milestone for Praxis, and it demonstrates the company’s commitment to providing its clients with the highest level of security and privacy. This is an impressive achievement for Praxis, and I look forward to seeing more updates on their security and compliance efforts in the future. Congratulations on this significant accomplishment!