Los Angeles-based rental management software provider RentSpree successfully passed an audit regarding its data protection strategy, obtaining the System and Organization Controls (SOC) 2 Type II compliance. SOC 2 is regarded as the premier data security standard for Software as a Service (SaaS) providers.
Developed by the American Institute of Certified Public Accountants, the SOC 2 Type II audit examines a company’s controls related to security, availability, processing integrity, confidentiality and privacy. RentSpree’s audit report received a “clean” opinion from national audit firm Sensiba LLP.
“This achievement is huge for us and was a top priority this past year as the integrity of our systems and the policies and practices we have in place to protect sensitive information is integral in today’s marketplace,” said Michael Lucarelli, CEO and co-founder of RentSpree.
In addition to Sensiba LLP, RentSpree also worked with Drata, a leading compliance automation platform, to streamline its compliance efforts and monitor its security controls, the news release said.
RentSpree offers rental software solutions such as tenant screening, online applications, document automation, e-signatures, denial and approval communications as well as property landing pages. In October, RentSpree also added a rent reporting feature.
Security is top of mind for those in housing. Recent cybersecurity incidents in the industry emphasized the exposure of the sector to cyber threats. In the fall of 2023, title insurance companies First American and Fidelity National Financial suffered cyberattacks. So did non-bank mortgage lender and servicer Mr. Cooper, as well as data host for property listing information Rapattoni. According to security company Astra, there are 2,200 cyber attacks per day in the U.S. on average across all industries. The financial impact of those attacks is significant, costing companies an average of $9.44 million.
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