4. It helps your organization respond effectively to security and data privacy threats
Improved efficiencies can also help your organization respond to threats more quickly and effectively. No matter how well you are prepared, incidents are likely going to occur, so the speed at which you can respond and mitigate the damage is essential.
SOC 2 reports that identify risks and put response measures/plans in place before an incident occurs allow organizations to be more proactive rather than just reactive. This preparation can be crucial in facilitating a nimble response, particularly when time is of the essence.
Data privacy poses several challenges and has already drawn significant political and regulatory attention. Unlike a tangible item, data is not contained within a certain territory or nation. As a result, the same piece of data may be regulated differently in Canada, the United States, Europe, or Asia.
Multinational organizations operating across jurisdictions need to make sure they comply with all the relevant data privacy frameworks. Data privacy laws also continue to evolve so it’s imperative to stay on top of new developments and regulatory trends.
Ensuring that your organization or third-party vendor is compliant with various relevant jurisdictions requires a comprehensive data governance framework and experts with a breadth of knowledge of global regulations as well as in-depth industry acumen.
The SOC 2 frameworks can be used to benchmark the current state of an organization’s cybersecurity or privacy program. A SOC readiness assessment can help organizations identify deficient or insufficient controls, policies and procedures, and quantify cybersecurity and privacy risks against a standard set of criteria.
This gap analysis can be used to develop remediation strategies. An independent examination can be used to provide an unbiased, third-party assessment of the design and operating effectiveness of cybersecurity and privacy controls.
SOC 2 reports can cover cloud-based environments, SaaS, infrastructure, software, and financial systems—addressing factors such as security (including cybersecurity), privacy, confidentiality, availability, and processing integrity. From data centres to fintech, SOC has become a necessary step of accountability for a wide variety of organizations. SOC reports are also in full compliance with CPA Canada’s CSAE 3416 standard, the AICPA SSAE 18 standard, and ISAE standards.