"We don't need data security," said no organization ever.
Data security plays a key role for organizations of all shapes and sizes. Keeping your data secure is essential to survive in the digital ecosystem, especially if you are a SaaS provider or a cloud computing provider.
The global information technology (IT) market is expected to grow from $8,384.32 billion in 2021 to $9,325.69 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. Given its importance, keeping the software safe from cyberattacks is essential.
The American Institute of Certified Public Accountants (AICPA) has published various audit and reporting guides to keep companies and their customers safe. One such audit is the SOC 2 audit.
The SOC 2 is an audit process that measures and analyzes whether the organization can manage client data and information successfully. SOC 2 reports are built upon 5 Trust Service Criteria (TSC), which are as follows;
Security: This criterion safeguards the information and systems against unauthorized access and disclosure of details
Availability: It states that information and systems should meet your organization's service objectives as mentioned in SLAs
Processing Integrity: Systems should perform their functions thoroughly and accurately to meet the organization's objectives
Confidentiality: Systems should perform their functions thoroughly and accurately to meet the organization's objectives
Privacy: Encrypt the data, so no one uses, retains, or discloses clients' personal data or information.
6 Reasons Your Organization Needs A SOC 2 Audit
Even though the importance of a SOC 2 audit is widely recognized, it is not often discussed why. There are multiple reasons why a SOC 2 audit is beneficial to the organization. Through this section, we will discuss six reasons why your organization should get a SOC 2 certification.
1. Protects brand reputation
A SOC 2 report helps organizations show customers how effective their data security controls are. It doesn't matter how well your organization grows or how loyal your customers are - they will leave your company if their personal information is exposed to the outside world.
A single breach will lead to customer loss and cost millions on recovery and clean-up, implementing new controls, and gaining back customer trust. A SOC 2 audit protects your organization from these devastating consequences.
SOC 2 report acts as evidence for customers to see that the organization has taken all necessary measures to prevent a data breach. This helps build good credibility and enhances the brand's reputation in the market.
2. Gain a competitive edge
Having a SOC 2 report gives your business an edge over competitors. With so many SaaS and cloud computing providers surfacing, organizations are looking to partner with safe vendors and take measures to prevent data breaches.
Achieving and maintaining SOC 2 compliance proves that your infosec posture is in place and shows your customers that you're committed to keeping their data safe.
3. Attracts more customers
Stronger trust creates long-term customers. It increases customers' trust and growth opportunities while cutting marketing costs. Having a SOC 2 report will attract more customers and thus boost your sales.
4. Makes regulatory compliance achievable
The business environment continually grows to be more complex as different states and territories in the world enact new regulations around privacy and data, such as CCPA and GDPR. A SOC 2 report is an efficient and effective way to evaluate and demonstrate compliance with various regulations and standards.
5. Improves services
A SOC 2 report will not just tell the organization where security should be improved but also shows different ways to streamline the organization's controls and processes.
It encourages organizations to build strong and sustainable security processes and allows them to make security improvements that increase efficiency within the organization.
6. Helps In Potential Deals And Saves Time
A SOC 2 report will save time in filling security questionnaires whenever you reach a new enterprise prospect. A SOC 2 report will help you sell services to clients without even thinking about your organization's infosec posture.
A SOC 2 report will also help your organization easily achieve other security certifications like ISO 27001, CCPA, and GDPR.
The faster you become SOC 2 compliant, the sooner you can build customers' trust and gain a competitive edge. This directly translates into an increase in sales, thereby increasing your organization's growth.
Start your compliance process with us!
Scrut Automation is a smart and radically simple Governance, Risk, and Compliance automation platform for growing startups and mid-market enterprises. With Scrut, Compliance teams can reduce ~70% of their manual effort in continuously maintaining compliance towards SOC 2, ISO 27001, GDPR, PCI DSS, and privacy laws like HIPAA, GDPR, and CCPA. Schedule your demo today to see how it works.