Cyber security is the prime concern of everyone including regulatory agencies, clients, and service providers. Everyone is worried about data security and for this reason, regulatory agencies have stepped in to ensure data security to clients. SOC 1 and SOC 2 are invented to help businesses fulfil regulatory requirements.
A System and Organization Controls (SOC) is a report generated by an auditor. The report focuses on the controls a business has over its security, accessibility, confidentiality, processing integrity, and privacy of data. The objective of carrying out a SOC audit on a business is to test the performance of a business on cyber security.
Let’s understand the benefits of SOC audit
1. Security
Businesses need to protect sensitive client data from becoming exposed or vulnerable. Here the biggest problem is unauthorized access to crucial data. They need to take effective measures to control and prevent unauthorized access to important data. What efforts they make to ensure data safety are visible in SOC 1 and SOC 2 auditing. The audit report can be presented to clients and authorities.
2. Accessibility
The next important thing in cyber security is the accessibility of a system. Auditors check the system used to monitor the security system, assess potential threats, and security measures taken to contain the threats. The auditing highlights the strengths of a business to respond to emergent situations. An emergency can happen anytime and it is up to business organizations to get ready to respond to the situations.
3. Processing integrity
SOC 1 and SOC 2 audits check whether a security system fulfils its objective. For example, the business should deliver the right data as and when required by clients. Also, the data should be complete, valid, and accurate. Process integrity stands for the integrity of the security system. It has to be prompt in responding to client queries.
4. Confidentiality
Confidentiality is of prime importance in the business world. Also, it becomes more important for sensitive data. The data shouldn’t be available to everyone. The business must respect the privacy and confidentiality of clients. For example, the business should use top-of-the-line infrastructure such as firewalls and access control to protect data privacy.
If you want to boost the overall performance of your business and get the attention of high-paying clients, you should approach an auditor for SOC 1 and SOC 2 audits. Your clients want you to prove you are capable of protecting their data.
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