Given the always increasing interconnectedness of today’s world, business must pay special attention to protection, privacy and reliability of their data. This is more so for firms that deal with customers sensitive information such as technology firms, health sector, and the financial industry. In the world of IT security, it is probably possible to name only one, unquestionable standard for information security – SOC-2. SOC 2 or Systems and Organization Controls 2 are guidelines and procedures formed by the AICPA to protect information that is stored in the cloud. In this article, you will find the primary advantages of SOC-2 certification to your business and clients in detail below.
What is SOC-2 Certification?
SOC-2 certification is designed to evaluate the effectiveness of an organization’s controls related to five key Trust Service Criteria (TSC): Known as SAPC where S stands for Security, A for Availability, P for Processing Integrity, C for Confidentiality and lastly P for Privacy. SOC 2 certification indicates that your firm has implemented something like tenets of security and should not be entrusted with clients’ data.
Benefits of SOC-2 Certification for Your Business
- Improved Security Posture
Another advantage of opting to get SOC-2 certification is that your security will be upgraded throughout your organization. The SOC-2 structures focuses on security where organizational systems, network, and processes need to be secured as a whole. And this serve to reduce risks, provide shield against cyber threats or hackers and generally lower risks in your IT system. SOC-2 requires businesses to perform security evaluations for them to gain the certification, thus making them stronger in safeguarding sensitive data from attack.
- Competitive Advantage
While competing for clients, customers are inclined to accept services from organizations that have received SOC-2 certification. As information matures as a critical business asset, clients are becoming more sensitive to information privacy, especially when contracting out their data to third party service providers. Therefore, SOC-2 certification proves that your company pays special attention to the cybersecurity issue and has enough safeguards. This is one key aspect that would help you clinch new clients in your business and you will be the go-to business in your line of production.
- More trust and transparency
SOC-2 certification encourages more openness in relations between your business and clients. This certification is a passing of various control checks and reviews of your company’s systems and processes. This means that once certified you can be assure clients that, they are willing to engage with a person and or company who observe highest levels of information security. By establishing an independent validation of the security controls offered to clients, you modify the relationship with your customers by offering them an added level of trust which they can transform into loyalty.
- Managing Legal and Compliance Risks
Another area that SOC-2 certification is valuable from a legal and compliance perspective is from the legal and compliance risks point of view. In businesses such as health care and finance, data protection laws such as HIPAA or GDPR are very rigid. Privacy and confidentiality remain well-covered under SOC-2, and this means your company will meet toss these industry-specific rules for regulations that you could be subjected to fines, penalties, or lawsuits
- Improved Internal Environment
Getting an SOC-2 certification involves developing as well as implementing strong internal control systems. It is by recording activities, assessing potential risks inherent in a specific practice, putting in place accessible measures, and constantly scanning networks for weakness. This insistence on process efficiency not only makes for a more secure system but also for better internal functioning. Many opportunities for increasing the measured productivity of your organization can be achieved through alignment with best practices that can also minimize compromised processes and enhance overall organizational performance.
Advantages of SOC-2 Certification for Your Clients
- Enhanced Data Protection
An embedded and inherent expectation when your clients provide you their sensitive information is security. By attaining the SOC-2 certification, you can guarantee your clients that their information cannot be accessed, stolen or get lost. The certification signifies that your organizations complies with controls to guard customer information on privacy, accuracy and accessibility. To the extent Gates’ argument admits this level of assurance, this can be a valuable asset in marketing and maintaining business relations with clients – including financial services, insurance, and other regulated businesses.
- Peace of Mind and Confidence
SOC-2 certification gives your clients assurance that they data is secure and being processed in a most secure way possible. This is an assurance that the business of your clients has gone through an audit that will confirm the standard levels of security compliance. This adds even more value to your service delivery process besides improving customer satisfaction, and firm’s reputation as business solution provider.
- Compliance Assurance
SOC-2 certified vendors then assist their clients adhered to various governing requirements particularly in the jurisdiction of sectors like; healthcare and finance. When clients choose to work with a certified organization, they are also able to show that they are involved with certified service providers who meet the required requirements in handling of sensitive information assets. This will enable your clients forego penalties as well as legal charges hence providing them with an added incentive to hire your services.
Conclusion
There are several advantages both to your organization and your clients derived from SOC-2 certification. It increases value for your organization and its defenses, provides a competitive edge, and strengthens confidence in your clients due to a focus on data protection. Furthermore, it assists to reduce compliance risks as well as enhance the internal operations. To clients, SOC — 2 provides confidence that their data is safe thus acting as a key in building long term relationships. The best time to invest in your company is with SOC-2 certification because data security has become a critical factor essential for the growth and survival of any enterprise.