Business
Beneficient Announces Successful Completion of SOC 2 and SOC 3 Certifications for its Online AltAccess Platform
- Independent Examinations Confirm Beneficient Has Industry-Leading Cybersecurity and Data Protection Controls in Place - - AltAccess Customer Information is
About this update from Beneficient
[{"type":"text","content":" - Independent Examinations Confirm Beneficient Has Industry-Leading Cybersecurity and Data Protection Controls in Place - - AltAccess Customer Information is Validated to Provide Safe and Secure Rapid Online Liquidity and Data-Rich Custody Services to Alternative Asset Investors - - SOC 3 Report Conducted by External Auditor Now Available for Download Via Ben’s Website - DALLAS, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing liquidity and related trust and custody services to holders of alternative assets, today announced the successful completion of System and Organization Controls (“SOC”) certifications. SOC examinations cover Ben’s online AltAccess Platform for delivering liquidity and custody services directly to alternative asset investors and encompasses: SOC 2 Type 1 including the Security, Availability and Processing Integrity categories as of August 31, 2022.SOC 2 Type 2 is a widely recognized industry standard, and the certification includes the Security, Availability, Confidentiality and Processing Integrity categories for the period October 1, 2022 through March 31, 2023.A SOC 3 report, a public facing report over the same scope as the SOC 2 Type 2 noted above. These examinations were conducted by independent auditor Weaver and Tidwell, L.L.P., (“Weaver”) and report on the controls in place that support Ben’s protection of its AltAccess customers’ data. Brad Heppner, Founder, Chairman and Chief Executive of Beneficient, commented: “Part of what differentiates Beneficient is that we offer customers a safe, regulated and secure experience when investors seek to exit their alternative investments. By utilizing our online AltAccess liquidity and custody platform, customers can achieve earlier liquidity sooner from their alternative assets in a simple, cost-effective manner. Today’s announcement provides further confidence to customers that, when going through the liquidity process with Ben, they are provided with the highest level of cybersecurity and data protection coupled with the confidence that AltAccess is subject to routine examinations by banking regulators.” The SOC 2 examination confirms Ben has established the necessary policies and procedures – and is effectively implementing controls in addition to the examination standards of b...