Introduction
SOC stands for Service Organization Compliance Control Type 2. It is a voluntary compliance standard, i.e. it is not compulsory by law. It was developed by the AICPA, American Institute of Certified Public Accounts, to help organizations ensure that their service providers are securely managing their data.
It is said to be based on five trust service principles
1. Security : The organization should protect its customer information from unauthorized access, use, and disclosure.
2. Availability: The organization should be able to process customers’ data when they need it.
3. Processing integrity: The customers’ data should be processed timely, accurately, and completely.
4. Confidentiality: The customer data should be protected from unauthorized disclosure.
5. Privacy: The customers’ privacy should be of utmost importance to the organization
Though it is not legally abiding, it is preferred to be SOC Compliant as it gives a better edge over non-compliant organizations. It is the symbol of enhanced security which can, in turn, prevent data breaches and other security incidents. It helps to build trust between the organization and the customers so that they can rest assured that their information is protected and secure.
SOC2 can help organizations to meet regulatory requirements to protect customer data. It also helps organizations differentiate themselves from their competitors and attract new customers.
Apart from these the other benefits of being SOC2 compliant are that there is improved risk management, reduced cost, and improved operational efficiency.
When an organization becomes SOC 2 Compliant, it increases employee awareness about data security not only among its customers but also among the employees. This can in turn reduce the risk of human error which is the most dominant cause of data breaches.
Data security risks can be better understood by the organizations with the help of SOC2 audits. It also helps identify and address weaknesses in the internal controls. This can help to improve the effectiveness of their operations. In addition to the above SOC2 can help organizations reduce the risk of fines and other penalties for non-compliance.
We, at Whitehats with our software, Compliance Foresight, assure holistic data security to our customers in the most comprehensive and customized manner. It’s a complete package in itself and comes with different modules like Risk Management, Integrated VM, Audit Management, 3rd Party Risk Management, ITMS, Policy Compliance, Exception Management, and Problem Management. We customize GRC Solutions as buttons, dashboards, and other statuses to suit the business needs with a unique color and customization.
To sum up in one line Compliance Foresight is the Right Answer.
How Compliance Foresight Helps –
