TAMPA, Fla., December 5, 2024 – MGT, a national technology and advisory solutions leader, announced today the successful completion of its Type 2 System and Organization Controls (SOC) 2 audit, demonstrating the firm’s unwavering commitment to maintaining the highest data security standards, operational excellence, and commitment to confidentiality.
The SOC 2 audit was conducted by A-LIGN, the leading provider in cybersecurity compliance trusted by more than 4,000 global organizations to help mitigate cybersecurity risks.
“This achievement emphasizes MGT’s dedication to protecting client data and reducing risk,” said Dewand Neely, Chief Information Officer at MGT. “With SOC 2 Type 2 certification, we provide our clients and partners with greater peace of mind, knowing our systems and processes meet rigorous, ongoing standards of security and compliance.”
The American Institute of Certified Public Accountants (AICPA) established the SOC 2 examination to help organizations of any size, regardless of industry and scope, ensure they protect the personal assets of their potential and existing customers. SOC 2 reports are recognized globally and affirm that a company’s infrastructure, software, people, data, policies, procedures, and operations have been formally reviewed.
Building on the foundation of its SOC 2 Type 1 certification earned in 2023, the SOC 2 Type 2 certification further verifies how effective MGT’s controls are over an extended period. While SOC 2 Type 1 evaluates the design of an organization’s security practices at a specific moment, SOC 2 Type 2 ensures these practices are consistently applied, offering a deeper level of assurance to clients and partners.
The certification underscores key benefits to MGT’s clients and partners, including:
- Increased Trust and Retention: SOC 2 Type 2 certification is particularly significant for industries with strict privacy and data security regulations, such as healthcare, finance, and government. Firms with SOC 2 certification report up to 10% higher client retention rates due to enhanced trust in their risk management capabilities.
- Operational Efficiency and Risk Reduction: The certification process identifies areas for improvement, enabling better incident response and stronger data handling practices. Certified organizations often experience up to 30% fewer data breaches or security lapses, reducing downtime and regulatory liability.
- Higher Revenue Potential: Studies show SOC 2-certified organizations can see a 10–15% revenue increase compared to uncertified competitors.
Obtaining the SOC 2 Type 2 milestone underscores MGT’s unwavering commitment to impacting communities for good. This certification cements MGT’s position as a premier provider of secure and innovative advisory solutions and reinforces its dedication to empowering clients with the confidence and resilience needed to thrive in today’s complex, security-conscious environment.
About MGT
MGT is a national technology and advisory solutions leader serving state, local government, education (SLED) and targeted commercial clients. Our specialized solutions solve the most critical issues that live at the top of our clients’ leadership agenda. We partner to help clients build resilience, implement systematic change and strengthen their foundations, now and for the future. MGT is committed to impacting communities for good. For more information, visit us at mgt.us.
Media Contact:
Tiffanie Reynolds
813-480-9749
treynolds@mgt.us
