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In today’s commercial real estate sector, data security has become top of mind, especially for protecting sensitive data for investors, lenders, borrowers, tenants and other stakeholders. Commercial real estate (CRE) and PropTech companies, which often deal with vast amounts of personal and financial data, need to ensure they are protecting this information against unauthorized access and breaches. One way to demonstrate a commitment to data security is through SOC 2 Type 1 compliance. In this guide, we will explore what SOC 2 Type 1 compliance is, why it is important, and the specific benefits it offers to commercial real estate and PropTech companies.
SOC 2 (System and Organization Controls 2) is a set of standards developed by the American Institute of Certified Public Accountants (AICPA) for managing customer data based on five trust service criteria: security, availability, processing integrity, confidentiality, and privacy. SOC 2 Type 1 specifically evaluates the design of a company’s security processes at a single point in time.
Let’s analyze these five core components:
Commercial real estate and PropTech companies manage sensitive data, including financial records, personal identification information (PII), and other transaction data pertaining. Data breaches or threats can lead to significant financial losses, reputational damage and legal ramifications. SOC 2 Type 1 compliance helps these companies establish a baseline of security, which demonstrates to clients and stakeholders that the company is invested in safeguarding its data.
Why would a company invest time and resources to gain SOC 2 Type 1 compliance? There are several key benefits of data security, including:
Keyway recently earned SOC 2 Type 1 certification. As a leader in data analysis and data aggregation through AI and machine learning, this compliance certification is a major milestone in Keyway’s commitment to data security and operational excellence. But what does this mean for Keyway and its stakeholders?
First, Keyway has an objective measure that provides assurance to clients, investors and tenants. Clients, investors and tenants, for example, can be assured that their data is protected by industry standard security measures. Second, Keyway can demonstrate operational efficiency. Why? SOC 2 Type 1 compliance requires a thorough review of security protocols, which is a detailed process that helped Keyway to optimize its operations and identify areas for improvement. Third, Keyway can stand out to investors, partners and tenants who may view Keyway as a trusted company, which may be differentiated from its peers. Fourth, SOC 2 Type 1 compliance may be the springboard to more advanced compliance certifications, such as SOC 2 Type 2 compliance, which evaluates the effectiveness of these controls over a period of time.
In the commercial real estate and PropTech sectors, data security is not only a regulatory requirement but also a business requirement. SOC 2 Type 1 compliance offers a solid framework for ensuring data protection and operational integrity. For companies like Keyway, achieving this certification not only enhances trust and credibility but also positions the company for long-term success in a competitive market. As more companies recognize the importance of data security, SOC 2 Type 1 compliance is becoming a standard benchmark for excellence and reliability.
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