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Listen to: "Cybersecurity: Is SOC or SOC 2 Right for Your Needs?"

Your key role, as an IT leader, is to secure your brand’s and company’s private and proprietary information. From your own confidential data to the personal identifying information you retain on your customers, you are exposed to a huge amount of risk, simply by keeping and using data. Because of this, your top priority – and the top priority of any organization – must be cybersecurity. Up-to-date, clear security measures for addressing risk are crucial.

Mitigate your risk by understanding the full picture and uncovering every potential security threat will help your company could encounter. Starting with a comprehensive and thorough cybersecurity assessment methodology will help you identify all possible areas of risk – and come up with strategies to prevent loss.

Proper attention to all security needs not only protects your own and your clients’ data, but also gives you the peace of mind that comes from knowing your business is truly secure. The reporting standard you choose for your Service Organization Control (SOC) is an essential part of your company’s wellbeing and must be considered with care.

Assessments Enhance Security for Businesses of All Sizes

Unfortunately, no one is safe any longer. Even a small organization holds personal data about employees, board members, vendors, and customers — and most hold far more than just basic identifying details. From typical big businesses to medical offices, small law firms and even schools and government offices, security breaches, ransomware attacks, and malware attacks are becoming more commonplace than ever before.

Because of this, the American Institute of Certified Public Accountants (AICPA) addressed the need to offer unsurpassed results and created the original SOC for cybersecurity. Since no organization is safe from intrusion or cybercrime, assessments can help anticipate issues and ensure that an organization is truly able to decrease the likelihood of attacks and handle any potential threats. The original SOC was designed to create a thorough and impartial assessment of a company’s ability to deter crime; the SOC 2 takes things a step further with more robust reporting tools and analytics that can be used in a variety of ways.

SOC was envisioned as a comprehensive examination and assessment of an organization’s ability to manage and mitigate risk. With this tool in place, malicious attacks can be avoided – and stakeholders can have confidence in your company’s ability to defend itself and maintain its integrity in the face of the ever-increasing risk of cybercrime. SOC 2 is in many ways an improvement over the original, one that examines different components and scenarios and takes a deep dive into what is working — and what isn’t –within an organization.

Learn more: SOC 1 and SOC 2 Reports – Understanding the Difference.

SOC or SOC2: What Is Best for Your Business?

Both of these assessments can help prevent damage and ensure that, even if an initiative is launched against your organization, it will remain safeguarded. While both SOC and SOC2 have the same goal – improving security before damage is done – they function differently. While SOC was the original, it does not offer the same level of detail and engagement that the more recently created SOC 2 does; it can also be more challenging to relay information from the SOC to non-technical stakeholders and board members. The arrival of the SOC 2 combines the diligence of the original with more robust investigation and reporting tools.

On the surface, there are many similarities between these two cybersecurity assessment tools, and both are designed to both protect your systems and to give you peace of mind, one offers more benefits for most businesses.

Get Comprehensive Reporting with SOC 2

The original SOC has some strengths and reports on vital information. Its successor, the SOC 2 audit, builds on that platform and allows you to explore and assess more of your operating environment. Because of this, we prefer the comprehensive SOC 2 cybersecurity assessment tool for our own company and for our clients.

More comprehensive and value-based reporting is available using the SOC2 cybersecurity assessment; this ensures that stakeholders are fully able to understand the risks your organization must be prepared for and to have confidence that you are fully prepared for any eventuality.

After a comprehensive examination and assessment, the SOC 2 assessment includes a variety of reporting data and information that can be used both to support and bolster current department efforts and to safeguard the organization. SOC 2 includes:

  • A writeup of the system and control environment as it exists.
  • A complete, opinion-based assessment of the accuracy and fairness of the system as it is described. The auditor also compares that written assertation with Trust Services Criteria.
  • A full report and summary of the audits tests, controls, and how the results impact the organization.
  • All components adhere to confidentiality and industry guidelines and are presented in a way that ensures that any vulnerabilities can be addressed and that stakeholders come away with the confidence they need.

    Get more expert advice: How to Build a Strong SOC 2 Team.

    Protect Your Organization from Cybercrime

    It’s never too late to take steps to improve and revitalize your approach to cybersecurity. If you are not sure where your vulnerabilities lie, want to be sure your company is not exposed to cybercrime, or want the peace of mind that only an expert can provide, we can help. Get in touch today to start the process.

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