SOC 2 stands for service organization controls version 2, which was introduced to document and validate a business’s efforts to secure client data.
No organization wants to do business with a high-risk vendor. In today’s increasingly complex cyberthreat landscape, companies routinely demand trust and transparency, so they can be confident handing over their sensitive data. This may involve asking for an SOC 2 audit report, which you will need to be able to secure and maintain more valuable contracts.
Successful service-based organizations understand the importance of focusing on their core competencies, one of which is the ability to protect customer data. SOC 2 compliance covers five partially overlapping trust services principles that validate your efforts to keep client data safe from unauthorized access and other threats. These SOC 2 common criteria are security, availability, processing ...
If you’re a service provider that stores or transmits personally identifiable customer data, then there’s a good chance you’ve already been asked about SOC 2 compliance. Compliance has become a practical necessity for almost all service-based companies, and it’s a requirement for meeting the demands of the Sarbanes-Oxley Act (SOX).
Keeping up with the constantly evolving compliance landscape can be demanding, especially if you’re relying entirely on in-house resources to conduct IT security assessments. That said, it’s important to view compliance not as a burden, but as a competitive advantage that can earn you more lucrative contracts, as well as retain existing ones.
Information security is essential for every organization, especially those that provide technical solutions and services to their clients. These companies often bear the responsibility to protect highly sensitive data on behalf of others. As such, a security incident can cause major damage to brand reputation and even leave your organization exposed to litigation.