D-Wave Successfully Completes SOC 2 Type 2 Audit
- D-Wave is the first full-stack quantum computing provider to achieve SOC 2 Type 2 compliance, solidifying its position as a leader in the industry.
- The successful completion of the audit reflects the company's dedication to maintaining commercial-grade security measures and data protection.
- The audit was conducted by A-LIGN, a trusted compliance partner with a strong reputation in the industry.
- None.
Insights
The completion of D-Wave's SOC 2 Type 2 audit is a significant step in reinforcing the company's commitment to cybersecurity and data protection standards. Given the expanding landscape of cyber threats, the importance of robust security measures cannot be overstated, especially for a company operating in the quantum computing space—a field inherently dealing with complex and sensitive data.
From a cybersecurity perspective, SOC 2 Type 2 compliance demonstrates not only the establishment of stringent security policies and procedures but also provides evidence of their effectiveness over an extended period. This is crucial for building trust with commercial customers who are increasingly conscious of data security in their operations. The ongoing nature of the assessment, with annual reviews, ensures that D-Wave maintains a dynamic and responsive security posture in an ever-evolving threat environment.
For stakeholders and potential investors, this development may signal D-Wave's proactive approach to risk management and its dedication to maintaining high standards of trustworthiness, which are vital for long-term business sustainability and growth in the technology sector.
The successful audit completion and the announcement of annual SOC 2 Type 2 assessments by D-Wave Quantum Inc. could be interpreted as a strategic move to bolster its market position and enhance its attractiveness to investors. It is a proactive measure that addresses the growing demand for secure data processing capabilities, a critical consideration for clients in today's data-driven economy.
For current and potential investors, the SOC 2 Type 2 compliance may be seen as a differentiator in the competitive landscape of quantum computing providers. It adds a layer of credibility to D-Wave's services, potentially increasing customer acquisition and retention. In the long term, this can translate into stable revenue streams and could be a factor in driving the company's stock value, as it aligns with the broader industry trend of prioritizing cybersecurity.
However, it is also important to consider the costs associated with maintaining such high levels of compliance and whether these will be offset by the expected increase in customer trust and resultant business growth.
Quantum computing is a nascent yet rapidly evolving industry, with significant potential to revolutionize various sectors by solving complex computational problems. D-Wave's achievement in becoming the first full-stack quantum computing provider to attain SOC 2 Type 2 compliance could provide them with a competitive edge in an industry where security and data integrity are paramount.
This compliance not only assures customers about the security of their data but also showcases D-Wave's operational maturity and readiness for enterprise-scale deployments. As organizations begin to integrate quantum computing solutions into their operations, they will likely gravitate towards providers that can demonstrate a proven track record of security and reliability.
The implications for the quantum computing industry as a whole include potentially raising the bar for security standards among competitors and accelerating the adoption of quantum computing technologies in mainstream business applications.
Completion of SOC 2 Type 2 audit furthers company’s commitment to data security as customers adopt production use of its quantum computing solutions
The audit completion comes at a time when business leaders are increasingly accountable for how private information is handled by third parties and need to ensure that the services they use to process data meet federally regulated mandates around security controls and the effectiveness of those controls over time. As they consider where to run business-critical applications, customers are seeking trusted vendors that help reduce risk and meet standards like SOC 2.
“As an industry partner using D-Wave’s services, I have even greater confidence in the company’s data security and processing integrity, given its SOC 2 Type 2 certification,” said Major General John W. Holly (
“We’re in a pivotal moment for quantum computing, as our customers are now moving full-steam ahead into enterprise-scale adoption and deployment,” said Dr. Alan Baratz, CEO of D-Wave. “SOC 2 compliance is a key part of our production leadership, as it ensures commercial-grade security measures are established and regularly reviewed. With customers increasingly incorporating and using our quantum solutions to support daily operations, this level of data protection and security is paramount.”
The SOC 2 Type 2 audit was conducted by leading compliance assessor A-LIGN, a technology-enabled security and compliance partner trusted by more than 2,500 global organizations to help mitigate cybersecurity risks. Established by the American Institute of Certified Public Accountants (AICPA), the SOC 2 examination is designed for organizations of any size, regardless of industry and scope, to ensure the personal assets of their potential and existing customers are protected. SOC 2 reports are recognized globally and affirm that a company’s infrastructure, software, people, data, policies, procedures, and operations have been formally reviewed.
“Congratulations to D-Wave for completing its SOC 2 audit, a widely recognized signal of trust and security," said Steve Simmons, COO of A-LIGN. "It's great to work with organizations like D-Wave, who understand the value of expertise in driving an efficient audit and the importance of a high-quality final report."
Going forward, D-Wave will perform annual SOC 2 Type 2 assessments and will make the latest report available to current or potential customers upon execution of a nondisclosure agreement. If you are interested in viewing D-Wave’s SOC 2 Type 2 report, contact sales@dwavesys.com.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of
ABOUT A-LIGN
A-LIGN is the only end-to-end cybersecurity compliance solutions provider with readiness to report compliance automation software paired with professional audit services, trusted by more than 4,000 global organizations to help mitigate cybersecurity risks. A-LIGN uniquely delivers a single-provider holistic approach as a licensed CPA firm to SOC 1 and SOC 2 Audit services, accredited ISO 27001, ISO 27701 and ISO 22301 Certification Body, HITRUST CSF Assessor firm, accredited FedRAMP 3PAO, authorized CMMC C3PAO, PCI Qualified Security Assessor Company, and PCI SSC registered Secure Software Assessor Company. Working with growing businesses to global enterprises, A-LIGN’s experts and its compliance automation platform, A-SCEND, are transforming the compliance experience. For more information, visit www.A-LIGN.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. Forward-looking statements in this press release include, but are not limited to, statements regarding D-Wave performing an annual SOC 2 Type 2 audit and maintaining continued SOC 2 compliance and commercial-grade security measures. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including general economic conditions and other risks; our ability to expand our customer base and the customer adoption of our solutions; risks within D-Wave’s industry, including anticipated trends, growth rates, and challenges for companies engaged in the business of quantum computing and the markets in which they operate; the outcome of any legal proceedings that may be instituted against us; risks related to the performance of our business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and/or timing thereof; the performance of our products; the effects of competition on our business; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we may never achieve or sustain profitability; the risk that we are unable to secure or protect our intellectual property; volatility in the price of our securities; the risk that our securities will not maintain the listing on the NYSE; and the numerous other factors set forth in D-Wave’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022 and other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
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Media Contact:
D-Wave
Alex Daigle
media@dwavesys.com
Source: D-Wave Quantum Inc.
FAQ
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