Top 10 Benefits of SOC 2 Compliance
Managed services providers (MSPs) who demonstrate evidence of implementing information security best practices and maintenance of data privacy are chosen as preferred partners by major businesses globally. For every managed services provider offering third-party IT services, SOC 2 Attestation is the prime requirement in present times. System & Organization Controls, although it is a voluntary security compliance standard, has invaluable benefits for the service organizations or managed services providers.
Let us review the benefits of SOC 2 Audit and Attestation threadbare:
- Reputation of the Organization
SOC 2 Attestation is the strong evidence of all the necessary controls related to information security implementation to prevent any information security breach. This has enhanced the reputation and standing of the organization.
- Competitive Advantage
SOC 2 Attestation establishes an edge over the competitors in the managed services industry. Service organization that successfully achieves a SOC 2 audit report or attestation remains competitive and preferred choice.
- MSP Differentiator
Service organization holding a SOC 2 audit report and achieving SOC 2 attestation becomes a market differentiator, broadly dividing the managed services into information security compliant and non-compliant organizations
- Service Improvement
By successfully undergoing a SOC 2 audit, service organization can improve security controls and efficiency in operations. Implementing best practices in information security and data privacy, the service organization improves the quality of services.
- TSC Assurance
SOC 2 audit report and attestation provide assurance to customers that the service organization has met established Trust Service Criteria viz. security, availability, processing integrity, confidentiality and privacy.
- Preferred Service Oragnization
SOC 2 attested service organization guarantees security of information management and privacy maintenance. Consequentially, such service organization is preferred by most global outsourcing customers consistently.
- Operating Effectiveness
Operating effectiveness of all the controls are tested for a minimum duration of 6 months in a type 2 audit. So, SOC 2 Type II audit reports validate service organization’s operating effectiveness on yearly basis.
- Regular IT Security Evaluation
SOC 2 Audit & Attestation mandates the evidence of IT security management on a yearly basis. SOC 2 Type 2 audit report validates regular IT security evaluation.
- Standard Compliance
Leading information security and data privacy standard compliances like ISO27001, NIST 800-53, GDPR, HIPAA, FISMA and GLBA have many similarities with SOC 2 compliance in terms of control objectives. The complete adherence to SOC 2 audit requirement can optimize Service organization’s overall regulatory compliance efforts.
- Qualitative Insight
A SOC 2 report provides qualitative insights into service organization’s risk and security posture, resource management, process planning, data processing and storage
Effective management of Information security and regular maintenance of data privacy is validated by SOC 2 audit report and attestation. By virtue of the type 2 Audit report, the service organization establishes competitive advantage, market differentiation, preference for its improved services and above all, enhanced brand reputation. Clearly, SOC 2 benefits the managed services organization not only to grow its market share and to enhance its standing among the MSPs but also to remain competitive over a long period.
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