SOC 2Fintech companies handle sensitive financial data and operate under intense regulatory scrutiny. SOC 2 compliance demonstrates the security controls banks, partners, and customers demand before trusting you with their money and data.
Fintech companies often face SOC 2, PCI DSS, and state-level financial regulations simultaneously, requiring careful control mapping.
Financial data carries elevated risk — encryption, access controls, and monitoring requirements are more stringent than typical SaaS.
Transaction systems require high availability and integrity controls that must be maintained while demonstrating compliance.
Managing compliance across banking APIs, payment processors, and financial data aggregators adds complexity.
Inadequate key rotation and management processes for encryption of financial data at rest and in transit.
Missing or insufficient controls to ensure processing integrity of financial transactions and reconciliation.
Generic incident response plans that don't account for financial regulatory notification requirements.
Including preparation, tooling, and assessment fees
Depending on current maturity and scope
Fintech companies typically face higher SOC 2 costs due to the complexity of financial systems, the need for additional trust service criteria (Processing Integrity is often required), and the more rigorous evidence expectations from auditors familiar with financial services.
Illumen specializes in helping fintech companies companies achieve SOC 2 compliance — from initial assessment through certification.
Know exactly where you stand against requirements
A clear, prioritized path to certification
Hands-on support from seasoned compliance advisors
Common questions about SOC 2 compliance in the fintech companies industry.
