LONDON, ON,
Nov. 25,
2024 /PRNewswire/ - VersaBank ("VersaBank" or the
"Bank") (TSX: VBNK) (NASDAQ: VBNK), a leader in digital banking and
cyber security solutions, today announced its wholly owned
subsidiary DRT Cyber Inc.'s ("DRTC") Penetration Testing division,
Digital Boundary Group, Inc. ("DBG"), has obtained System and
Organization Controls 2 ("SOC2") Type 1 Certification. This
certification affirms that DBG's services comply with the SOC Trust
Services Criteria for Security, thereby providing customers,
particularly those in regulated industries, with increased
confidence in DBG's ability to strengthen their security posture
and mitigate cyber risks.
"DRTC has a track record of strong, steady growth and, as a
premier North American provider in the increasingly critical
cybersecurity services industry, we are focused on accelerating
that growth," said David Taylor,
President and Chief Executive Officer, VersaBank. "This
certification – the gold standard of testing and compliance in IT
security -- further enhances the value proposition of our
state-of-the-art cyber security capabilities for our customers,
supporting DRTC aggressive growth plans."
"Our core mission is to help our customers protect their
organization's systems, digital assets, and sensitive data from
cyber threats," said Gurpreet
Sahota, President, DRTC. "Achieving SOC2 Type 1
Certification underscores our commitment to fulfilling that mission
in adherence with the industry's most trusted and respected
security standards. We are excited about the benefits and enhanced
trust the certification will bring to the business."
Developed by the American Institute of Certified Public
Accountants ("AICPA"), SOC2 outlines how organizations manage
customer data according to stringent Trust Services Principles,
including Security, Availability, Processing Integrity,
Confidentiality, and Privacy. The attestation process
included a rigorous compliance audit conducted by Ernst &
Young.
About DRT Cyber Inc.
DRTC helps leading government, public sector organizations, and
corporations harden their cybersecurity posture and achieve
compliance. Through a combination of strategic penetration testing,
compliance alignment and secure digital storage services, DRTC
helps its customers achieve exposure and risk management
objectives. DRTC conducts approximately 850 security engagements a
year, supporting government agencies and global corporations across
a range of critical industries, including manufacturing, financial
services, and the energy sector.
DRTC is a subsidiary of VersaBank and operates offices in
the United States and Canada. For more information, visit
www.drtcyber.com
About VersaBank
VersaBank is a North American bank (federally chartered in
Canada and the US) with a
difference. VersaBank has a branchless, digital,
business-to-business model based on its proprietary
state-of-the-art technology that enables it to profitably address
underserved segments of the banking industry in a significantly
risk mitigated manner. Because VersaBank obtains substantially all
of its deposits and undertakes the majority of its lending
electronically through financial intermediary partners, it benefits
from significant operating leverage that drives efficiency and
return on common equity. In August
2024, VersaBank launched its unique Receivable Purchase
Program (RPP) funding solution for point-of-sale finance companies,
which has been highly successful in Canada for nearly 15 years, to the underserved
multi-trillion-dollar US market. VersaBank also owns
Washington, DC-based DRTC., a
North America leader in the
provision of cyber security services to address the rapidly growing
volume of cyber threats challenging financial institutions,
multi-national corporations and government entities.
VersaBank's Common Shares trade on the Toronto Stock Exchange
("TSX") and Nasdaq under the symbol VBNK.
Visit our website at: www.versabank.com
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SOURCE VersaBank
