CloudZero becomes the first company in the cloud cost optimization category to achieve SOC 1 Type 2 compliance
CloudZero, the leading cloud cost intelligence company, today announced successful completion of a Service Organization Controls (SOC) 1 Type 2 audit, becoming the first company in the cloud cost optimization space to pass the certification. This achievement further validates CloudZero’s unique approach to organizing cloud spend, which provides granular cost insights to cloud-driven organizations.
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SOC 1 certification signifies that a company is a trustworthy custodian of its customers’ financial information. SOC 1 Type 1 audits examine a company’s financial controls at a single point in time; Type 2 audits examine the same financial controls over an extended interval — anywhere from six months to a year. Type 2 audits take longer, cost more, and are much harder to pass.
“For CloudZero, ensuring data accuracy for our clients is non-negotiable,” said Phil Pergola, CEO of CloudZero. “We hang our hats on our ability to organize spend in a unique way that gives customers fresh, actionable insights. Passing the SOC 1 exam is further confirmation that our data pipeline can handle huge amounts of data with high accuracy and reliability.”
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CloudZero is already SOC 2 compliant, which focuses on security. Together, the certifications present key stamps of approval to public and highly regulated private companies, who face pressure to accurately report their spend but aren’t confident in their organizational methods. The more regulatory pressure a company faces, the more importance is placed on its financial reporting. SOC certification — SOC 1 Type 2 in particular — alleviates much of that stress.
“Traditionally, it’s been difficult to organize cloud spend because it relies on manual effort, like tagging,” said Erik Peterson, CTO and founder of CloudZero. “Our code-driven approach to cost allocation makes it easy for customers to organize spend in short order — and our SOC 1 certification reduces the effort to prove it’s accurate.”