Monit’s journey to SOC 2 Type I with Thoropass

CHALLENGE

Meeting regulatory compliance to build trust and meet procurement requirements

Monit provides a product to banks to help their business customers forecast and manage cash flow. However, to meet procurement requirements and build trust within their ecosystem, they needed to meet regulatory compliance. They knew how imperative it was to achieve a security certification, especially with data and insights being at the heart of the application.

“We approached the idea of other frameworks, but after speaking with our prospects, we quickly realized how important a SOC 2 certification was. It’s the gold standard that would address all the concerns prospects could have in regards to our security measures,” said Jon Calabrese, head of product at Monit.

However, Monit wasn’t sure where to begin the compliance process.

SOLUTION

Bypassing the Big Four for an agile, affordable compliance journey

After looking into the big four accounting firms, Monit knew they needed a stage-appropriate solution with easy, ongoing monitoring. While the opportunity to work with the biggest firms seemed appealing at first, it was overkill and started at $60,000 for just an audit.

Monit turned to Thoropass’s (formerly Laika) stage-appropriate plans to help build the foundation of security that can evolve with their company. Thoropass’s team of compliance architects provided Monit with actionable task lists that broke down how to build a compliance program from scratch. Thoropass allowed Monit to seamlessly complete tasks while saving countless hours documenting and maintaining their compliance posture.

While typical audits take 6 weeks to 3 months, Monit sailed through in 3 weeks with only 1 additional piece of evidence required.

RESULTS

Increased customer confidence, a competitive edge, and streamlined vendor security

As a result of their successful SOC 2 report, Monit has already seen dividends in using the certification to their advantage.

Whether it’s at an event or during demos, their SOC 2 report has helped them stand out against competitors and has proven to be a crucial differentiator to potential customers. Monit’s customers can feel at ease knowing that when they register their data is handled with bank-grade security.

Additionally, Thoropass’s due-diligence feature allows Monit to answer vendor security questionnaires in a fraction of the time. The smart question editor and resource library allow them to seamlessly import security questionnaires and build customized data rooms for vendors with relevant files.

A SOC 2 certification wasn’t just a checkbox for Monit; it is a promise to their customers and prospects that the team is dedicated to providing the highest standards of information security. As they continue to grow, information security and privacy will always remain a top priority.