Are you on the fence about getting SOC 2 compliance for your business? Are you debating if the time, effort, and money are worth the reward? We understand that going through a SOC 2 audit is a daunting task, but it is worth it! The rewards that you will reap are invaluable, and here are five reasons why.
What is SOC 2 Compliance?
Created by the American Institute of Certified Public Accounts (AICPA), SOC 2 compliance was designed to provide established guidelines for businesses to protect their customers’ data privacy and security.
The SOC 2 report comprises five separate Trust Categories: Security, Availability, Process Integrity, Confidentiality, and Privacy. To receive SOC 2 compliance, your business must reach the standards set.
You may be wondering, “Is this just another hoop to jump through that will cost me time and money?” SOC 2 compliance is not to be taken lightly. While it can be tricky to get, it is worth its weight in gold, and here is why.
5 Reasons Why Your Business Needs SOC 2 Compliance
1. Protecting Your Customers
Any business that processes, stores, or transmits customer data is responsible for that information and its safety. As a business, you want to provide the highest quality service and security for your clients’ information. Going through the SOC 2 compliance journey will help you locate any holes in your systems or processes that are not efficient. You will then be able to update those processes and systems to ensure that everything reaches the highest standards.
2. Customer Demand
In a world plagued by data breaches, customers are more wary than ever when providing personal information to businesses. Customers want security and are actively looking for companies that can provide it. By having SOC 2 compliance for your business, you will have a competitive advantage over other similar companies who have not yet taken this extra step for their customers.
3. Expediting New Clients
Onboarding new clients can be a tedious task, and anything you can do to streamline or automate that process will benefit your business. Instead of having to go back and forth countless times with your potential new client about security concerns, you can simply hand over your SOC 2 compliance report. This report will provide your potential new client with everything they need to know to proceed with your services.
4. Cost Saving Over Time
While going through an audit isn’t free, it is much cheaper than a data breach. 2020 reports have shown the average total cost of a data breach is $3.86 million and takes an average of 280 days to identify and contain the breach. Doing the audit is a walk in the park by comparison! By investing in your business’s security processes today, you will end up saving your business exponential heartache down the line.
5. Easier to Start Sooner
Finally, the lasts of the reasons why your business needs SOC 2 compliance! As your business grows, it can become more complicated and expensive to complete a SOC 2 compliance audit. It is always best to start as soon as possible. By doing so, you will create efficient security systems right off the bat instead of having to modify inadequate systems later down the line once you have a security problem or customer demand requires that you end up getting SOC 2 to stay competitive.
Going through a SOC 2 compliance audit is tricky, which is why Eden Data is here to help. We will guide you through every step of the process to get your business audit-ready. Contact us today for more information!
Still have questions? No problem! Check out our Q&A on SOC2 compliance coming soon!