Trust in software companies is mixed. High-profile data breaches and cyber-attacks add fuel to the fire. With an average data breach cost of $9.44m in the United States, proper data security is imperative. SOC 2 is on everybody’s lips right now. Without SOC 2, any organization is opening itself to a potential security issue.
So what can your organization do to show your commitment to security? Read on to discover what SOC 2 is and why your organization needs it.
What Is SOC 2, And Why Is It Important?
SOC 2 is a hot topic. When a company integrates SOC 2 into its organization, it shows security is its absolute priority. It’s a serious commitment to compliance. But what is SOC 2?
In a nutshell, SOC 2 compliance requires companies to establish and then follow data security policies and procedures. This type of compliance also involves working on the company infrastructure and systems to ensure everything is compliant.
Understanding SOC 2 Standards
SOC 2 has a particular set of standards that dictate how organizations should design, implement and maintain compliance controls. These controls cover five main areas, as listed below:
- Processing integrity
Why your organization needs SOC 2
In our technological society, a high level of security is imperative. Without it, you are opening yourself up to a potential security breach. SOC 2 can help you demonstrate your organization’s commitment to security.
The associated bad press that follows a data breach can ruin a business forever. A cyber attack can even happen to the biggest of companies. Just ask Equifax, Facebook, LinkedIn, Microsoft, or Target.
You can flex your compliance muscles
After you have obtained SOC 2 compliance, it demonstrates to customers and other stakeholders that you have implemented strong controls. You have made an effort to protect the sensitive data in your company.
Also, you are committed to maintaining the availability and integrity of your services and systems. Nobody can take away your commitment to security when you can hold up your SOC 2 compliance badge for proof.
It’s far better than approaching an enterprise company to sell your product or service and being asked for your SOC 2 compliance certification. Your attempts to secure new business may fall flat if you don’t show your commitment to security.
Compliance As A Sales Strategy – Why Compliance Wins Deals
In fierce competition, anything you can do to differentiate yourself is worth it. Sales strategies following the same patterns lead to the same results. You need to try a different approach.
SOC 2 compliance can protect your business and employees. You can make it an intricate part of your sales strategy and maximize your deals. The benefits far outweigh the time and effort of setting it all up.
The Importance of Company Reputation
When it comes to business, reputation is everything. If your organization can demonstrate a commitment to compliance, it can open doors to better opportunities.
Demonstrating your commitment to compliance will get your business on the radar of like-minded organizations that want to excel. You can attract better clients and more lucrative deals by taking it up to another level.
Stevie Case, the CRO from Vanta (the leader in security and compliance), explains the impact of compliance on deals,
“SOC 2 is proof that you’re securing your assets and your company in a way that is consistent with what they want as a buyer. And if you don’t have it, in many cases, they will not move forward with the deal, and that deal will be dead.”
The Harsh Reality of Data Security
It is a scary prospect to think SOC 2 can now have such an impact on potential deals. You may have covered all bases, especially if you have a proven sales strategy in the past.
But the new reality is that your possible deal could be dead in the water because of your security credentials. Luckily, your data security can be managed and dealt with if you commit to compliance in your organization.
How To Enhance Your Security Credibility
There are many easy ways to enhance your security credentials. Here are a couple of things you can do right now. It will help you to get a firmer grip on your current compliance level and take the proper steps.
Conduct A Cybersecurity Risk Assessment For Your Organization
Before you can do anything, knowing where your company sits regarding security is essential. Conducting a cybersecurity risk assessment can help you determine where your business is at this moment in time.
It will help you:
- Put the proper security measures in place to keep your business safe
- Enhance your security credentials to the public and stakeholders
- Open up more business opportunities (ideal for the current economic climate)
Implement an Automated Cybersecurity Solution
You could speed things up and use an automated solution. For example, if your company deals with a lot of financial data, you must show a commitment to security.
An excellent example is the collections automation company Upflow, which worked with Vanta to automate security compliance with SOC 2. Automating everything has helped the company save valuable time to use on other core business needs.
How Automating Compliance Eases The Usual Pain Points
Organizations must continuously review and update their policies and procedures to stay compliant. SOC 2 standards also require that companies’ infrastructures and systems are also compliant.
Your compliance team might spend hours trying to keep on top of compliance. It can be challenging to update systems as a business grows. Automation moves with the times and keeps you thoroughly up to date.
Compliance is not something you can leave alone and move on. It needs to be looked after continuously. It’s an arduous task, as compliance constantly changes every year.
As Upflow did, automation is the ideal way to ramp up your security compliance. Not only does it improve everything in real time, but it helps you to maintain it constantly. You will also be ready to deal with audits more efficiently.
Automating Your SOC 2 Compliance
The best way to handle everything is to automate your SOC 2 compliance. It will protect you from getting caught and facing a stiff fine or penalty. Also, don’t forget the positive impact internally on the compliance team.
It makes compliance more proactive instead of reactive. Compliance becomes more manageable, and your organization will gain confidence to deal with any regulatory requests about security. Everything will be at your fingertips.
SOC 2 Next Steps
Now is the time to embrace an automated approach with SOC 2 compliance. Whether your organization is going through a growth transition or you are simply trying to improve your security.
It will help boost your organization’s reputation and show your commitment to security. You’ll also be able to close down more of those high-level deals and drive your business forward to more success.