The average cost of a data breach willpersonal information. The tactics used by these digital intruders are hard to detect and are increasingly causing more damage. If you are an entity that handles customer data, you have to keep it safe from these malign actors. One of the best ways to protect valuable customer information is by complying with Service Organization Control 2 (SOC 2) requirements.by the end of this year. Today, cybercriminals are using sophisticated methods to access people’s
SOC 2 is a framework that details how an organization should manage customer data and protect the organization’s interests. It was developed by the American Institute of CPAs (AICPA) to stem data breaches and promote information privacy. Businesses use the SOC 2 criteria to gauge whether their current controls are sufficient to protect their customers’ information. If you offer software as a service, cloud computing as a service, data hosting solutions, or your entity handles any customer information, and you need to be SOC 2 compliant. Here’s what you need to know about SOC 2.
Being SOC 2 compliant is highly beneficial. It not only benefits your clients by protecting their data but also helps your organization in multiple ways. Here’s why you need to be compliant.
In light of recent cyber breaches, every customer wants to protect their data. If your entity handles customer information, the customer will want to know if you have adequate measures to protect their data. SOC 2 compliance shows the client that you are the right company to work with.
A single cyber attack on your organization has the potential to put you out of business. Even if it doesn’t cripple your operations, it can hurt you in the long term as clients won’t trust you with their data. By being compliant, you will keep cyber criminals at bay, protect your assets, and save money in the long term.
Businesses are going to extra heights to win over customers, and you need to differentiate yourself to beat your competitors. One of the best ways to win over a client is by showing them why they should trust you. By demonstrating that you are SOC 2 compliant, customers will pick you over your non-compliant rivals.
SOC 2 compliance allows a business to gather useful insights into its operations. The compliance process can help you identify hidden risks, inefficient processes, and areas that should be improved. You can use this information to make your organization better.
Every business that handles client information can benefit tremendously from becoming SOC 2 compliant. SO2 Compliance will protect your organization from data breaches, give you an edge over your competitors, provide you peace of mind, and save you money in the long term.