System and Organization Control (SOC) is a voluntary compliance standard developed by AICPA which shows how an organization will manage customer’s data. It helps auditing procedure helpful to ensure service providers secure and manage the personally identifiable data of the customers. It ensures the privacy of the clients and interests of organizations. For all security conscious organizations, SOC is a minimal requirement for an organization to be credible and worthy.
Today regulators, customers, business parts and others are becoming concerned about how the data is collected, stored and reused by the service providers. In other words, we all want to secure our data when we use our data online. All businesses are facing many challenges about the demonstration of data from multiple standards. SOC Reports give customers or users a credibility of the website or online business to provide data without any hindrance.
Advantages of SOC Reports
SOC attestation report brings multiple advantages to businesses and here we mention some of them.
- Gain Competitive Advantage
It helps stakeholders to be confident and gaining competitive advantage. The customers focus on SOC attestation report which gives them satisfaction to the highest level about information security.
- Increase Trust and Transparency
SOC Reports ensure the transparency and trust of the business owners and customers. It increase trust and credibility. It reduces concerns and brings the best relationship to the highest level.
- Address Risks Proactively
SOC Reports reduce compliance costs and it addresses risks attached to businesses proactively. It drives maturity within the organization and helps the customers do businesses with ease.
How to Get SOC Reports?
The first step is to choose the reporting type as it carries SOC 1 and SOC 2 reports. After choosing the reporting type, it is extremely crucial to compare difference between both reports. In type 1, the assessor will check the adequacy of the controls. Moreover, the effectiveness of the implementation of type 1 is checked in SOC type 2. So, getting SOC reports becomes easy if you follow all the steps provided by the company.
The Mandatory Components of SOC Reports
There are many layers you have to go through to get a SOC Report but these are mandatory components that you have to maintain and develop to attain these reports.
- Auditor’s Report
- Management Assertion
- System Description
- Description of Criteria
- Other Information if any.
Role of SOC Reports
SOC reports are to follow to secure the customers and businesses. All the business owners want to attain this report because it ensures credibility and trust among customers and businesses. It helps to enhance the businesses to higher level. The role of SOC Reports is to secure data of customers by checking how the owners are using data, collecting and storing it and sharing with other businesses.
SOC stands for System and Organization Control which means that all organizations will have to follow a set of rules of system and standards to keep their businesses safe. It helps in securing the customer’s data.
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