From the launching point onward, the company is set to update the Security Portal in a regular manner with the most up-to-date information in regard to their security practices, audit reports, certifications, and other related documents.
As Plaid collaborates with over 8,000 customers and 12,000 data partners to foster innovation within the fintech ecosystem, building trust is believed to be critical, however at such a scale, providing support for cybersecurity due diligence reviews can be inefficient and time-consuming for everyone.
Due to the fact that diligence initiated by Plaid’s partners takes place at various times throughout the year, predominantly during procurement, the security portal aims to ensure a ‘frictionless’ procurement process, while also addressing the expectations of Plaid customers and partners.
SOC2 Type2 reports;
ISO27001 & ISO27701 certificate;
penetration testing results;
standard prefilled vendor questionnaire;
cyber insurance;
and policies, amongst others.
Being a public-facing security portal, it can be leveraged for the efficient distribution of various security artifacts which are commonly requested and used during cybersecurity due diligence efforts.
Access to public security collateral. Plaid has documentation such as its ISO certificate and standard prefilled vendor security questionnaires that can be obtained without requesting (gated) access to the portal.
Access to private security collateral. Customers and partners can request and obtain access to confidential security documents in a timely manner following an undergoing of auto-approval conditions instated by the company. Should these conditions not be met, the security team is issued an alert to approve the access request manually.
Questionnaire support. Customers and partners alike are enabled access to a repository of frequently asked questions through the Plaid knowledge base and ‘Security Domain Tiles’.
Subscription. Customers and data partners can subscribe to the security portal and receive real-time updates that include both new security compliance documents and Plaid’s response to security events.
As per the announcement, the security portal aims to be a place where customers and partners alike gain an understanding and assessment of Plaid’s practices and policies that are in place to secure data.
A digital finance enabler, Plaid’s Open Banking network and payments platform can be leveraged for building fintech products and services and onboarding customers, having more than 7,000 companies using its solutions to simplify how customers connect and carry out payments from their accounts.
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