Ensuring Security and Value: ApexEdge's Commitment to Data Security with Billshark

Summary

As digital threats rise, data security becomes increasingly critical for financial institutions (FIs). Billshark by ApexEdge offers bill negotiation and subscription cancellation services that provide added value to FIs. These services help customers manage rising monthly and subscription costs while ensuring data protection on ApexEdge's secure platform. Recently, ApexEdge completed its 6th annual SOC compliance review, highlighting its commitment to top-notch security standards.

The Problem: Data Risk

In today's digital landscape, data breaches pose significant risks to financial institutions and their customers. According to IBM's 2023 Cost of a Data Breach Report, the average cost of a data breach in the financial industry is $5.85 million. Furthermore, a study by PwC found that 85% of consumers will avoid doing business with companies if they have concerns about data security. These statistics underscore the critical need for robust data protection measures in financial services.

The Solution: ApexEdge's Secure Ecosystem

Billshark by ApexEdge offers a comprehensive solution to the problem of rising monthly costs and data security concerns. Through bill negotiation and subscription cancellation services, Billshark helps consumers avoid overpaying and streamline their expenses. Financial institutions that integrate Billshark into their offerings can significantly enhance their value proposition to customers.

ApexEdge’s Commitment to Security

The entire ApexEdge ecosystem is built with a focus on security and minimal data collection. ApexEdge recently completed its 6th annual SOC compliance review and published its System and Organization Controls 2 (SOC 2) Type 2 Report, covering the period from April 1, 2023, to March 31, 2024. This certification demonstrates ApexEdge's adherence to stringent security and availability standards, providing assurance that customer data is handled with the highest level of protection.

ApexEdge collects relatively minimal Personally Identifiable Information (PII) from consumers, essentially just contact information to facilitate its services. This approach significantly reduces the risk of data breaches and ensures that sensitive financial data remains secure.

Data security is paramount in the fintech sector. The IBM report highlights the financial impact of data breaches, emphasizing the importance of protecting sensitive information. Additionally, PwC's survey illustrates the potential reputational damage to companies that fail to secure customer data.

By leveraging ApexEdge's secure platform, financial institutions can offer Billshark services with confidence, knowing that customer data is protected under rigorous SOC 2 compliance standards. ApexEdge’s commitment to minimal PII collection further enhances security, making it a reliable partner for FIs.

Conclusion

Integrating Billshark by ApexEdge into your financial services platform provides significant benefits: helping customers reduce rising monthly and subscription costs and ensuring their data security. ApexEdge's recent SOC 2 Type 2 certification for the period from April 1, 2023, to March 31, 2024, underscores its dedication to data security and availability.

By addressing the critical issues of data risk and financial management, financial institutions can enhance customer satisfaction, reduce churn, and drive revenue. For more information on how Billshark can benefit your institution and your customers, visit billshark.com