Abacus Group Achieves SSAE 18 Type 2 SOC 1 and Type 1 SOC 2 Compliance
by Abacus Group, on Oct 21, 2024
New certifications reinforce Abacus Group's dedication to security and operational excellence.
NEW YORK - October 21, 2024 - Abacus Group, a global managed IT and cybersecurity service provider to the financial services industry, today announced the successful completion of the SSAE 18 Type 2 SOC 1and Type 1 SOC 2 examinations, both conducted under the ISAE 3000 standard. This achievement underscores Abacus Group’s commitment to delivering the best-in-class service with robust internal controls, ensuring the highest standards of security, availability, confidentiality, and integrity for its clients.
By completing this comprehensive examination, Abacus Group meets the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) guidelines for funds to perform their due diligence. This standardization helps financial firms increase efficiencies in fund operations and cybersecurity.
The SSAE 18 Type 2 SOC 1 examination focused on Abacus Group’s internal controls, ensuring the company maintains strong, consistently operating controls over time. The Type 1 SOC 2 examination evaluated the company’s controls relevant to security and availability. The addition of the ISAE 3000 international standard further extends the credibility of these examinations, ensuring compliance with global best practices.
“Abacus Group has always prioritized the security and integrity of our clients’ data, and being compliant with SSAE 18 Type 2 SOC 1 and Type 1 SOC 2 underscores that commitment,” said Jonathan Bohrer, President at Abacus Group. “Completing both examinations is a significant milestone, and it reassures our clients that we operate with transparency and excellence across our operations.”
The SSAE 18 was implemented by the American Institute of Certified Public Accountants (AICPA), superseding the SSAE 16 and SAS 70 examinations. ISAE 3000 (International Standard on Assurance Engagements) is an internationally recognized standard that provides guidelines for conducting audits and assurance engagements beyond financial reporting, including compliance, security, and privacy controls.
These most recent examinations at Abacus Group were conducted by Schellman & Company, LLC, an independent CPA for the period between July 1, 2023, and June 30, 2024.
Abacus Group:
Abacus Group is a global managed IT and Cybersecurity service provider with specialized multi-cloud, compliance and IT-as-a-Service offerings built for the unique needs of the financial services industry.
The innovative and award-winning abacusFlex platform allows financial services firms to source all technology and security needs as a service, offering the capacity to scale on demand to meet current and future cybersecurity, regulatory compliance, and storage requirements.
The company has offices in New York, NY; San Francisco, CA; Boston, MA; Dallas, TX; Greenwich, CT; Los Angeles, CA; Charlotte, NC; Miami, FL; London, UK and Edinburgh, UK. For more information, visit www.abacusgroupllc.com.
