In today’s world of globalization and technological interconnectivity, seemingly all organizations rely on third-party vendors for key business functions. Most of these vendors play an important role in the processing, storage or transmission of data. To help organizations manage the potential risks associated with third-party vendors, there is an increasing need for transparency into organizations’ controls and processes around data security, availability, confidentiality, integrity and privacy.
SOC 2 reports have long been the trusted tool for independent reporting over an organization’s internal control environment. Over the past year, likely due to increasing awareness around data security and privacy, companies are preparing for SOC 2 compliance earlier and earlier in their life cycle. Once viewed as a voluntary differentiation strategy, SOC 2 reporting has become a common requirement to compete in the marketplace.
At PS, our experienced IT Risk team helps clients prepare for and complete successful SOC 2 examinations. Our advice – start early. The earlier you develop and enforce sound, repeatable, scalable internal control practices, the easier it is to maintain those practices as your company grows. Additionally, proactive completion of a SOC 2 report helps companies demonstrate their commitment to data security and privacy to potential clients.
For more information on how to prepare and successfully complete your SOC 2 examination, contact IT Risk Principal, Nick Norton. We look forward to helping you discover the value beyond compliance.