Fero Labs, the factory optimization software company, has announced its successful attainment of System and Organization Controls (SOC 2) Type II compliance. The third-party validation confirms Fero Labs’ high-security level for customer data, which is securely stored in its system. The company serves industrial manufacturers worldwide and emphasizes its transparency features–the white-box technology with confidence intervals–to reduce customers’ misgivings about algorithmic adoption. Moreover, the SOC 2 Type II certification highlights the significance of cybersecurity protection as over half of manufacturing suffered cyberattacks in 2021.
Third-Party Validation
Prescient Assurance, a leader in security and compliance attestation for B2B and SAAS companies worldwide, audited Fero Labs. The compliance attestation company provides risk and assurance services including but not limited to SOC 2, PCI, ISO, NIST, GDPR, CCPA, HIPAA, and CSA STAR. Meeting the stringent SOC 2 Type II standard requires the determination and auditing of five trust service principles (TSP): Security, Availability, Processing Integrity, Confidentiality, and Privacy.
The Significance of Data Protection for Manufacturers
Manufacturers need to be proactive in protecting their operations and supply chains from security threats, as approximately 51% experienced cyber attacks in 2021. Data protection is especially important when manufacturers want to implement third-party technology or software as it adds another layer of complexity to networks. Achieving SOC 2 Type II compliance confirms that Fero Labs operates with the highest standard of security and compliance in mind for its customers.
The Importance of Transparency Features in Industrial Manufacturing
Fero Labs’ factory optimization software, powered by white-box technology, offers a range of transparency features, including confidence intervals that show users exactly how confident the model is in the predicted outcome. This addresses the issue of trust–one of the biggest hurdles hindering the adoption of AI in the industrial world. The software’s transparent nature provides customers with a deeper understanding of the algorithm, resulting in greater trust and ultimately, better optimization. Check out (ferolabs.com) to learn more about Fero Labs’ transparency features.
Increase Profitability and Sustainability
Headquartered in New York, Fero Labs aligns with leading global manufacturers to increase profitability and sustainability at the same time. Since launching in 2015, Fero software has provided industrial customers an average ROI of 233% and saved 200 million pounds of CO2 emissions. Click here to learn about other successful (startup success stories) like Fero Labs.
Conclusion
The SOC 2 Type II certification reinforces Fero Labs’ commitment to providing enterprise-level security and compliance for its customers. Meanwhile, the software’s transparency features aim to enhance trust in algorithmic adoption in industrial manufacturing. Fero Labs’ factory optimization software continues to help its clients improve their efficiency and reach their crucial profitability and sustainability goals.