Technology and Data
Our data and technology set us apart. We use a comprehensive and rigorously maintained global database of Securities Class Actions to maximize filings. In addition, FRT’s web crawling algorithm is designed to identify industry relevant trends published online and detect changes on various industry websites, such as plaintiff law firm sites and litigation funding company sites (see Claims Monitoring section ). This process alerts FSL to new settlements and registration announcements globally. Once we are alerted to these announcements, we can include them in our database’s eligibility analysis just as we would with any U.S filing.
Data security and confidentiality are a top priority. We take comprehensive measures to ensure that our client’s data is safe and secure at all times. FSL utilises the following data security measures:
- SSAE 16 Type II (U.S) certified and we conform to all ITIL standards;
- ISO17799 and ISO27001 (Europe) – based policies and procedures, regularly-reviewed as part of an SAS70 Type II audit process;
- Dedicated firewall and VPN services to prevent unauthorised system access;
- Biometric scanning limiting access to data (if requested by FSL Client(s));
- Physical security of data centres audited by an independent firm;
- Independently audited disaster recovery plans;
- Use of best practices in the random generation of initial passwords;
- Encryption of all passwords during transmission and while in storage; and
- System accesses are logged and tracked for auditing purposes.
FRT has also attained a Service Organization Control (SOC 2) Type 2 report, providing a third-party attestation that FRT meets all AICPA-defined criteria related to the Trust Principles of Processing Integrity, Security, and Confidentiality. With this report, our clients can be certain that FRT has undergone rigorous testing to verify that its policies and process controls are secure, robust, and reliable.
FRT chose to perform a SOC 2 attestation over other SOC reports (e.g. SSAE 16) because only the SOC 2 report directly addresses client concerns related to the following:
- Processing Integrity – FRT must ensure all system processing, including claim filing and payment distribution, is complete, auditable, accurate, and timely.
- Security -FRT must prevent unauthorized access, physical or logical, to all private and/or proprietary information.
- Confidentiality – FRT must ensure that information designated as confidential is protected by the system, as committed or agreed.