Third-party IT service providers face new challenges every day. First, there are regulatory requirements and second, they have to deal with discerning clients that show more concern about their data. In this situation, it becomes mandatory for service providers to improve their cyber security. However, businesses with SOC 2 compliance are exempt from scrutiny.
What is SOC?
SOC is simplified into Service Organization Control. It is a cyber-security regulatory framework developed by the American Institute of Certified Public Accountants (AICPA). AICPA felt the need for a regulatory framework for third-party service providers so they can store and process client data safely. Here it can be said that the safety of data is the prime objective behind this regulatory framework.
Let’s see how SOC regulatory framework helps businesses
1. Fulfill regulatory requirements
SOC 2 compliance helps in fulfilling regulatory requirements. The regulatory framework suggested by AICPA covers all the requirements. You only need to apply for the certification and get your business audited and certified by a competent authority. Once you have the certificate, you won’t have to worry about regulatory requirements. Your audit report will prove that you fulfill all requirements.
2. Enhance data safety
Since the prime objective of regulatory requirements is to enhance data safety, you should be more concerned about how the regulatory framework can help improve the safety of your data. Fulfilling regulatory requirements can save you from penalties and fines. But you should be more concerned about your clients who demand more. The regulatory framework will help improve your data safety.
3. Trust and credibility
SOC 2 compliance will build your trust and credibility. It is the certificate that your clients trust. If you have this certificate, you won’t have to worry about convincing your client. They will rely on the certificate and put their trust in you. If you want to boost your clients’ confidence, you should go for the certificate. Once you gain client confidence, you can get an edge over others.
4. Better risk management
The regulatory framework will help manage risks in the right manner. For example, you can anticipate potential challenges and prepare your datacenter to meet those challenges. Your data safety will remain updated with the latest features.
SOC 2 compliance can help your business in many ways. It is the only certificate that can provide real help in fulfilling regulatory requirements and boosting your data safety. It is the only edge you can get over others.
