Twenty first century, the era of Information Technology and services is overwhelmed day by day with neo cyber threats and data breaches that hinder development of organisations, its critical infrastructures, and causes severe financial losses, trashed reputation among customers, submerging Lawsuits and in some cases total abomination of business.
Especially for enterprises that outsource important operations to third party vendors, they always possess a high vulnerability to security threats. Inorder to reduce the probability of a cyber attack and data breach, standards and benchmark compliance are being developed and adopted in the digital world by International community. SOC2 Type2 Compliance, one such standard plays a vital role in acting as a buffer and first line of defence against data breach
What is SOC2 Compliance ?
System and Organisation Controls is developed by American Institute of Certified Public Accountants, as a Compliance mechanism for Organisations in order to manage customer data according to Trust Services Criteria.
SOC2 Compliance is one of the basic requirements for enterprises considering a SaaS provider undertaken by outside auditors, to ensure security during storage and processing of data by third party vendors. SOC 2 audit ensures that the organisation follows information security practices and assures that clients data in the cloud is secured. IARM, a renowned SOC2 Audit company in India, can be consulted for any SOC2 compliance related queries.
Which Organisations need SOC2 Compliance?
Organisations which are dealing with management of customer data in the cloud like Technology service providers and SaaS companies, are in need of SOC2 compliance. Along with them, Enterprises which are subjected to HIPAA and PCI DSS standards for data privacy, are recommended to comply with SOC2 Type2.
Trust Service Criteria (TSC): Bulwark of SOC 2
The SOC 2 framework is based on five “Trust Services Criteria” to protect the customer data from any kind of data breach. they are:
1. Privacy
2. Availability
3. Security
4. Processing integrity
5. Confidentiality.
With these criteria, SOC2 regulates vendor management, internal governance and risk management for the organisations to avoid any third party data breach.
Who performs a SOC2 Audit?
Independent Certified Public Accountants (CPA) and CPA organisations with technical expertise, trained personnel and Certification can perform SOC2 audits. These CPAs must always be updated with recent upgradation of each and every type of SOC audit, developed by AICPA.
As one of the renowned CPAs, IARM provides world class SOC 2 Compliance Audit Service in India.
What is SOC2 Compliance Checklist?
AICPA has not explicitly specified a SOC2 checklist. But across organisations, Eight steps are universally followed. They are,
1. Choosing respective objectives of the organisation
2. Identifying the type of SOC2 audit the organisation needs
3. Defining the scope of Audit
4. Conducting an Internal Risk Assessment
5. Performing Gap Analysis
6. Remediating the Gaps found
7. undertaking Readiness Assessment
8. Finally SOC2 Audit by a certified auditor.
What are the benefits of SOC2 Compliance?
Once an organisation is complied with SOC2 type2 audit, it can ensure
1. Regulatory Compliance
2. Assured Security
3. Operating Effectiveness
4. Brand Reputation among customers
5. Competitive Advantage over peer organisations
6. Facilitate easy adaptation of ISO 27001 Compliance service and other standards.
Thus SOC2 compliance cumulatively boosts the growth trajectory of organisations with data security and customer satisfaction as its twin core of operation.
SOC2 Type2 Compliance with IARM
IARM Information Security, with experts in Compliance and ISO standards, provides customised SOC2 Compliance Audit Service with end-to-end customer services. Adhering to the professional standards by the AICPA, IARM reviews the organisation’s security standards and ensures that their audits are performed on par. Consult IARM and Prevent Data breach!
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