In today’s digital age, data processes and security are more critical than ever. At Novi Labs, we understand this, and protecting our customers’ data has been our top priority since inception. We’re proud to announce that Novi Labs has achieved SOC 2 Type 2 compliance, affirming our unwavering commitment to upholding the highest standards of data protection for our clients. We extend our sincere gratitude to the entire Novi team for their dedication and hard work in achieving this significant milestone.
Read on to learn more about what this means and how we’re continuously working to keep our clients’ data safe.
What is SOC 2 Type 2?
SOC 2 is a set of auditing standards developed by the American Institute of Certified Public Accountants (AICPA) that assesses a company’s information systems’ security, availability, processing integrity, confidentiality, and privacy (known as the Trust Services Criteria).
There are 2 types of SOC 2:
- SOC 2 Type 1 is an attestation report that evaluates the design and implementation of a company’s controls at a specific point in time. It focuses on the effectiveness of the company’s controls in meeting the Trust Services Criteria, but it does not evaluate the controls’ operational effectiveness over a period of time.
- SOC 2 Type 2, on the other hand, evaluates the design and operational effectiveness of a company’s controls over a period of time, typically six months or more. This type of audit provides a more comprehensive assessment of a company’s controls by evaluating how well the controls are operating over time and assessing whether they are meeting the Trust Services Criteria. SOC 2 Type 2 is considered the more rigorous and comprehensive of the two types of audits.
SOC 2 Type 2 is the highest level of SOC 2 compliance, which means that Novi Labs has undergone a rigorous audit and has demonstrated our ability to adhere to these standards for an extended period.
What does SOC 2 certification entail?
To achieve SOC 2 compliance, Novi Labs underwent a thorough audit by an independent third-party auditor who evaluated our policies, procedures, and controls against the Trust Services Criteria. This audit included a review of our internal controls over a period of at least six months to ensure that our controls are operating effectively and provide reasonable assurance that our systems are secure.
This is tested by the 5 trust principles of SOC 2 certification:
- Security: A company should be able to demonstrate that its system is protected from unauthorized access, prevent unauthorized disclosure, and limit any damage that could affect the availability, integrity, confidentiality, and privacy of the information.
- Availability: The system should have controls in place to ensure that it’s available as needed by the user entity.
- Processing Integrity: Data and information processing should be checked for completeness, validity, accuracy, timeliness, and authorization.
- Confidentiality: Information designated as confidential should be protected according to the user entity’s needs.
- Privacy: The organization should address the user entity’s needs when collecting, using, retaining, disclosing, and disposing of personal information.
Why is SOC 2 compliance important in the energy data space?
As sensitive data grows in the energy sector, safeguarding against breaches, theft, and unauthorized access becomes critical. SOC 2 compliance offers a standardized framework for companies to showcase their adherence to industry best practices for securing sensitive data.
As a prominent player in the energy sector, we recognize the criticality of safeguarding our clients’ information. As such, we have invested significant time and resources in attaining SOC 2 Type 2 compliance. This certification showcases our steadfast commitment to securing our clients’ data and assuring them that their confidential information is protected.
It is important to note that SOC 2 compliance is not exclusively geared towards protecting clients’ data, but rather ensuring that the organization has implemented effective security controls and procedures that apply to all data under its purview. These controls and procedures encompass various measures, including access controls, encryption, monitoring, incident response planning, and regular security testing.
What does this mean for our new and existing customers?
At Novi Labs, we place a high priority on data security, and SOC 2 Type 2 compliance is just one aspect of our comprehensive strategy to protect sensitive information. We understand the responsibility entrusted to us by our E&P operators, mineral companies, and financial services customers, and we have established strict controls to ensure the security of their data both in transit and at rest. Our measures include rigorous access controls, frequent system monitoring and vulnerability testing, and the use of up-to-date hardware and software to maintain effective security.
Achieving SOC 2 compliance requires the implementation of robust processes and practices to ensure comprehensive oversight throughout the organization, assuring customers that their data is protected from any unauthorized, suspicious, or unusual activity. To meet these requirements, we have established alerts for specific activities, including data exposure or modification, control or configuration changes, file transfers, and privileged access to filesystems, accounts, or logins.
Learn more about security at Novi Labs
If you’re a current Novi Labs client and wish to obtain the SOC 2 Type 2 report, simply reach out to the customer success team. If you’re interested in learning more about our services and evaluating whether Novi Labs is the right fit for your business, feel free to request a copy of the report by emailing us at: email@example.com.
Novi Labs Releases Novi Data Network (NDN), Leveraging Proprietary Oil and Gas Data for AI Driven Well Forecasting Models
News, trends and data for the US upstream industry
Novi Energy Newsletter
Sign up today for free and get a weekly email with news and insights on important developments in one or two of the major tight oil & gas basins.