Earning ISO 27001 Certification and SOC 2 Type 2 Compliance
Today is a big day for Nova! I am pleased to announce Nova Credit has successfully completed its SOC 2 Type 2 Audit and achieved the ISO 27001 Certification covering our Information Security Management System (ISMS). During these audits, a leading cybersecurity and compliance third-party auditor reviewed our security compliance policies and practices and attested to our compliance with the standards.
So why does this matter?
Nova Credit’s mission is to enable immigrants to access capital and realize their potential. We accomplish this mission by transferring the foreign consumer credit file, with consumer consent, across borders to the U.S. or Canadian institution with which the consumer is interacting (e.g. financial institution or property manager).
It’s not news that consumer credit files contain deeply sensitive information about an individual’s financial health and well being. In addition, this information is critical in accessing foundational financial services, including housing, insurance, employment and others. A good credit score can save a consumer thousands of dollars over the life of a loan or other financial services, including insurance premiums, car loans, etc.
Meanwhile, in light of recent data breaches, it’s no surprise that companies have work to do in earning and maintaining the trust of consumers. One key component of this is investing in the security of consumer records on a recurring basis.
Nova realized at the company’s origin that building a responsible security culture and robust information security program would be critical for its success in earning the trust of customers, consumers, regulators, investors, and partners. Information security and compliance are core to our DNA and we are committed to ensuring that it remains one of our foundational pillars.
I am proud of the work we have done since Nova’s inception in developing and continuing to invest in our security program. As Nova grows, I look forward to participating in ongoing investments to our program.