Security frameworks like SOC 2 (System and Organization Controls) are becoming increasingly important for companies that process or store client data.
SOC 2 reports provide insight to the risk mitigation measures a Service Organization has in place to address the AICPA’s Trust Services Criteria related to Security, Availability, Processing Integrity, Confidentiality and/or Privacy for the data entrusted to them by their clients.
If you’re looking to build trust and credibility with your clients, a SOC 2 report acts as a trusted handshake. That’s because your clients can be assured that your organization has satisfied a set of operational criteria that meet security standards. Additionally, the report exhibits your company’s ability to operate your business in alignment with industry best practices.
Let’s go over the top 3 reasons you need a SOC 2 report.
- Your clients will expect (if they haven’t already requested) you to provide one.
A SOC 2 report shows clients not only that you value security, but that you can demonstrate your compliance to an independent third party. It assures them that their sensitive information is safe with you. If you don’t have a SOC 2 report, you’re at a competitive disadvantage because service organizations are increasingly being asked to provide one. Your report shows your clients that you’re acting proactively, rather than reactively, with the security of the data entrusted to you.
- They’re far less expensive than a data breach.
Inc. reports that 60% of businesses that endure a cyberattack end up closing their doors within six months. From fines and penalties to the ultimate cost, business closure, obtaining a SOC 2 report is the less expensive route when it comes to your data security. Simply put, a data breach is more costly than incorporating data security.
- You can leverage SOC 2 controls into other standards.
Obtaining a SOC 2 report has the potential to speed up your overall data security efforts because SOC 2 requirements accord with other frameworks. You can leverage SOC 2 controls into other standards like ISO 27001, NIST 800-53, and PCI DSS, and a SOC 2 report is useful if you’re seeking HIPAA compliance or a HITRUST certification.
Ready for your assessment?
360 Advanced’s experienced auditors evaluate your system and controls so you develop a strong cybersecurity posture in a timely, cost-effective approach. From taking the time to understand your needs to making recommendations based on your unique business, our professionals guide you through your entire SOC 2 engagement. Contact us to schedule your assessment.
Want to know more?
Watch our SOC 2 webinar, where we discuss the nuances, categories, and other important details of SOC 2 reports