We’re excited to announce that, effective November 14, 2024, Ternary is SOC 2 Type 2 compliant!
SOC 2 Type 1 and Type 2 require an independent audit by a third-party firm. As we did with our SOC 2 Type 1 audit, we chose Thoropass, an experienced compliance and auditing firm, to help guide us through the process and assess our controls over both audit periods.
In this blog, we share an overview of what SOC 2 Type 2 compliance means and why it matters for our customers and our business.
What SOC 2 Type 2 compliance is
SOC (System and Organization Controls) is a framework for managing and securing data, developed by the American Institute of CPAs (AICPA). SOC 2 is for service organizations and focuses on five key trust service principles:
- Security. The system is protected against unauthorized access.
- Availability. The system is available for operation and use as committed or agreed.
- Processing integrity. The system’s processing is complete, valid, accurate, timely, and authorized.
- Confidentiality. Confidential information is protected as committed or agreed.
- Privacy. Personal information is collected, used, retained, and disclosed in conformity with privacy policies.
Specifically, SOC 2 Type 2 assesses how effective these controls are over a period of time (typically 6–12 months). This is a step beyond SOC 2 Type 1, which evaluates only the design of controls at a single point in time.
Why SOC 2 Type 2 compliance matters
Achieving SOC 2 Type 2 compliance is a major achievement for Ternary as a business-to-business SaaS company. It signals to customers, partners, and stakeholders that we have rigorous systems in place to protect sensitive data, manage risks, and meet industry standards.
How SOC 2 Type 2 compliance benefits our customers
Achieving SOC 2 Type 2 compliance is a major accomplishment for our company. But its true value lies in the benefits it provides to our customers and partners. Here are just a few of the ways our customers benefit from our compliance:
- Faster vendor evaluation. For customers, knowing that we are SOC 2 Type 2 compliant streamlines their vendor evaluation process. Specifically, it reduces the need for them to conduct their own audits or security assessments.
- Stronger data protection. With SOC 2 Type 2 compliance, we continuously evaluate and improve our data protection strategies, so our customers’ information is always safeguarded against evolving threats.
- Regulatory compliance. Many of our customers operate in highly regulated industries. By maintaining SOC 2 Type 2 compliance, we help them meet their own compliance requirements, especially those related to data privacy and security.
Ternary is dedicated to continuous improvement
Achieving SOC 2 Type 2 compliance is not the end of the journey. Instead, it’s a milestone reflecting our ongoing commitment to security, operational excellence, and customer trust. It demonstrates our dedication to providing top-tier service while maintaining the highest standards of integrity.
Earlier this year, we were honored to receive the Thoropass Defender Award, celebrating our commitment to protecting sensitive data, as part of our SOC 2 Type 1 audit. Announcing our SOC 2 Type 2 compliance demonstrates our dedication to ever-higher security standards.
For our company, this accomplishment is a powerful testament to our team’s hard work and focus on customer satisfaction. For our customers, it’s an assurance that we’ll continue evolving to meet your security and operational needs as we grow.
Leading managed service providers and enterprises trust Ternary to manage more than $7 billion in multi-cloud spend. Contact us to find out how you can get started on your FinOps journey today.