Options IT Completes New Industry Standard For Private Cloud

The standard offers firms assurance that a service provider’s internal controls provide among other things a certain level of security and privacy.

Options IT, the provider of the Options PIPE Private Financial Cloud services platform for the exchange, banking, trading and investment communities, announced that it is one of the first cloud infrastructure providers to successfully complete the Statement on Standards for Attestation Engagements (SSAE) No. 16 examination along with completing the Service Organization Controls (SOC2 and SOC3) reports. 

  “With the level of regulatory, investor and client scrutiny growing across all segments of the financial industry, we’re happy to once again take the lead in addressing the need for a higher standard of service integrity as firms continue to push their business technology into the Private Cloud,” Nigel Kneafsey, CEO of Options IT, said.

The Service Organization Controls Reporting Standard is the new industry standard for Private Cloud and Infrastructure-as-a-Service firms that provide managed hosting and data storage services to the financial industry. The standard was developed in 2011 by the American Institute of Certified Public Accountants (AICPA).

The SOC2 and SOC3 reports offer firms both the assurance and an independent auditor opinion that a service provider’s internal controls provide a level of security, availability, processing integrity and privacy in accordance with pre-defined AICPA principles and criteria.

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio