D-Wave Quantum Inc. (NYSE: QBTS) Announces Successful Completion of SOC 2 Type 2 Audit to Further Commitment to Data Security

  • D-Wave’s completion of the SOC 2 Type 2 audit makes it the first full-stack quantum computing provider to achieve this compliance
  • The company is deeply committed to data security as customers adopt the production use of its quantum computing solutions
  • Going forward, D-Wave will perform annual SOC 2 Type 2 assessments, making the latest report available to current and potential clients upon completing a nondisclosure agreement

D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software, and services, and the world’s first commercial supplier of quantum computers, recently announced the successful completion of its SOC 2(R) Type 2 audit on December 7, 2023. This compliance verification, which evaluates a number of operational factors including processing integrity and security controls, is of growing importance, especially as D-Wave increases commercial customer adoption and production use of its quantum computing solutions. This notable achievement makes D-Wave the first full-stack quantum computing provider to achieve SOC 2 Type 2 compliance. The Type 2 compliance follows D-Wave’s successful SOC 2 Type 1 audit in March 2023 (https://ibn.fm/XDoPR).

D-Wave CEO Dr. Alan Baratz said this was a pivotal moment for quantum computing, as the company’s customers are moving full-steam ahead into enterprise-scale adoption and deployment. “SOC 2 compliance is a key part of our production leadership, as it ensures commercial-grade security measures are established and regularly reviewed,” Baratz said. “With customers increasingly incorporating and using our quantum solutions to support daily operations, this level of data protection and security is paramount.”

The completion of the audit comes at a time when business leaders are being held more accountable for how third parties handle private information and need to ensure that the services they use to process data meet federally regulated mandates around security control and the effectiveness of the controls over time. Customers seek trusted vendors that help reduce risk and meet standards like SOC 2 as they consider where to run business-critical applications.

A-LIGN, a technology-enabled security and compliance partner trusted by more than 2,500 global organizations to help mitigate cybersecurity risks, conducted D-Wave’s SOC 2 Type 2 audit. Established by the American Institute of Certified Public Accountants (“AICPA”), the SOC 2 examination was designed for organizations of any size, regardless of industry and scope, to ensure the personal assets of potential and existing clients are safe. The SOC 2 reports are recognized internationally and verify that the 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.”

The company’s relentless pursuit of practical quantum computing has resulted in its technology being used by some of the world’s most advanced enterprises, including Mastercard, Deloitte, ArcelorMittal, Siemens Healthineers, Unisys, BBVA, NEC Corporation, Pattison Food Group Ltd., DENSO, and Lockheed Martin.

D-Wave owns one of the industry’s largest quantum computer intellectual property portfolios, including more than 210 issued U.S. patents. The company has published more than 225 peer-reviewed papers in leading scientific journals.

D-Wave will perform annual SOC 2 Type 2 assessments in the future, making the latest report available to current and potential clients upon completing a nondisclosure agreement.

For more information, visit the company’s website at www.DWaveQuantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

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’s future SOC 2 Type 2 assessments, and the availability of the related reports to current and potential customers. 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; the company’s ability to expand its customer base and the customer adoption of its 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 the company; risks related to the performance of D-Wave’s 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 the company’s products; the effects of competition on its business; the risk that the company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the company may never achieve or sustain profitability; the risk that the company is unable to secure or protect its intellectual property; volatility in the price of its securities; the risk that its 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 the company on the date hereof. D-Wave undertakes no duty to update this information unless required by law.

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