InsureTech Protects Sensitive Data Through Award-Winning Technology
CHARLOTTE, N.C.–(BUSINESS WIRE)–#cardealer–Modives, the insurance tech provider behind CheckMy Driver and CheckMy Resident, today announced that it achieved SOC 2 Type II compliance. This designation reflects its commitment to safeguarding client data across its solutions, providing a secure insurance verification experience for property and auto businesses.
SOC 2 Type II certification is a comprehensive security compliance standard that evaluates an organization’s internal controls for protecting customer data over an extended period. To achieve it, an organization must undergo a rigorous audit process conducted by a licensed third-party CPA firm.
This credential signifies Modives’ extensive efforts designed to protect consumer data throughout the automated insurance verification and monitoring process. Its solutions’ safety features include secure cloud infrastructure, data encryption in transit and at rest, business continuity and disaster recovery protocols, and code development security practices.
“Security and compliance are woven into every part of our applications,” says Modives CTO Bhopan Krishnan. “This certification demonstrates the hard work our team has done to prioritize data privacy.”
Modives previously was SOC 2 Type I compliant, confirming that its design and implementation comply with robust security standards. The SOC 2 Type II designation goes beyond a point-in-time assessment to represent the proven effectiveness of its security controls over an extended period.
Data privacy is becoming a top priority for consumers and policymakers, making it more critical to find partners with a high bar for security. The 2023 update to the FTC Safeguards Rule enforces strict regulations on financial institutions, including auto dealers, holding them and their vendors responsible for any breaches caused by a third-party.
The regulation also applies to companies with 5,000 or more consumer records, such as property managers and their vendors. To prevent violations, the FTC’s guidelines recommend vetting potential partners for compliance with appropriate security standards, including SOC 2 Type II.
“With the rising importance of SOC 2 Type II in the eyes of regulators, we’re proud to be able to offer peace of mind to our customers,” says Modives CEO Frederick Waite. “Trust and security have been at the center of our business from the start, but this achievement is a powerful representation of our company’s values.”
About Modives
Modives makes insurance verification and monitoring easy during auto and property transactions for life events, reducing time, cost, and risk for its partners while creating a better customer experience. Through its patent-pending technology, Modives creates an automated, real-time process, verifying that insurance is active, accurate, and adequate, creating transparency, and providing risk mitigation solutions. For more information or for press inquiries, please contact MediaRelations@Modives.com or visit Modives.com.
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