SOC 2 Type 1 Audit Certification attained by Closing Folders in LTM First
May 27, 2020
Closing Folders, the leading provider of legal transaction management software (LTM), today announced that it has successfully completed an audit and is now a SOC 2 Type 1 certified organization. This achievement makes Closing Folders the only LTM provider to attain this level of certification for its security controls.
“From the very beginning of Closing Folders, we made security of our customers’ data a paramount concern. This led us to invest early on in state-of-the-art security practices such as row-level data encryption, dedicated encryption keys for all customers, customer-managed encryption keys (CMEK), fully-segregated customer storage backends, and support for single-tenant deployments.” said Gordon Cassie, CTO at Closing Folders. “Attaining SOC2 certification is an exciting new step in our commitment to provide the most secure and feature-rich LTM solution on the market.”
Developed by the American Institute of Certified Public Accountants (AICPA), SOC 2 reports are designed to help service organizations that provide services to other entities, build trust and confidence in the service performed and controls related to the services through a report by an independent auditor. SOC 2 reports are intended to meet the needs of a broad range of users that need detailed information and assurance about the controls at a service organization relevant to security, availability, and processing integrity of the systems the service organization uses to process users’ data. By obtaining this certification, Closing Folders has been audited by an independent service auditor and found to have properly designed and implemented controls that provide reasonable assurance that it can achieve its service commitments to customers of its legal transaction management platform.
Beyond this announcement, Closing Folders’ development team continues to leverage the latest technologies in cloud to provide an experience to customers that is unparalleled in security, reliability and control. Since the beginning of 2019, Closing Folders has been offering a unique hosting model that allows customers to use bring-your-own encryption key (BYOK) and bring-your-own storage (BYOS) options. This innovative configuration leverages the flexibility of AWS Identity and Access Management to put customers in control of their data without adding complexity to law firm IT operations. Closing Folders also offers fully-managed single-tenant deployments which provide full segregation of all data processing from its regional multi-tenant environments. To learn more about these unique offerings, please reach out to our sales team to schedule a consultation.
About Closing Folders
Closing Folders was founded in 2013 by two lawyers who were exasperated with the chaos of legal transactions. At that time, deals were closed in an expensive, time-consuming, chaotic, shambolic mess of chain-emails and printed paper. Today, Closing Folders is a leader in legal transaction management (LTM) software and powers thousands of legal transactions every month. More importantly, Closing Folders has saved lawyers, paralegals and in-house counsel countless hours by automatically generating tens of thousands of signing packages and closing books.
