TaxTec Achieves ISO 27001 Certification
TaxTec, an AI-powered platform for digital tax reclamation, has achieved ISO 27001 certification. The certification is a globally recognized standard for information security management systems. The company stated the achievement elevates security and trust for its institutional investor clients.
- The ISO 27001 standard mandates a systematic examination of an organization's information security risks, taking into account threats, vulnerabilities, and impacts. For financial technology companies, this is critical as they handle sensitive data like payment details, personal information, and bank records. - The financial incentive for robust security is significant, as the average cost of a data breach in the financial sector is approximately $5.85 million. - To achieve certification, TaxTec had to undergo a multi-stage audit process performed by an independent, accredited certification body to verify that its information security management system (ISMS) met the standard's requirements. - TaxTec was founded in 2023 with the mission to address inefficiencies in the tax recovery sector, stating that an estimated $16 billion in recoverable tax goes unclaimed each year. - The company is led by CEO and co-founder Stephen Everard and utilizes an AI-powered platform to automate and streamline the tax reclamation process for institutional investors across more than 100 jurisdictions. - The use of AI in tax services helps to automate data extraction, reduce manual errors, and analyze large volumes of data to identify reclaim opportunities that might otherwise be missed. - Maintaining the ISO 27001 certification is an ongoing process; it is valid for three years, during which the company must undergo annual surveillance audits to ensure continued compliance.
