Taking steps to protect a business against a potential data breach is not just a defensive strategy. Over time, it can also help a business grow. When a business passes a SOC 2 audit, it gives them an edge. This is because it is possible to assure customers and potential customers that the business has taken all the needed steps to keep data safe and protect everyone from the possibility of damaging breaches.
SOC 2 compliance, which is something that can be achieved with the help of a soc 2 service provider is invaluable. Keep reading to learn more about the benefits this offers to a business.
Brand Protection
SOC 2 is designed to keep a business’s reputation intact and to help prevent damaging data breaches. It was found that 55% of people who responded to a recent study stated that they had to manage the public scrutiny that occurred because of a breach in the past 12 months. Over half of all the attacks that have occurred caused damages that exceeded $500K, which included lost opportunities, lost customers, low revenue, and more. The most commonly affected parts of a business included brand reputation, intellectual property, finance, and operations.
Increased Buyer Appeal
If an organization is worried about security, they are much more likely to become a customer if the business can provide the SOC 2 report that shows best practices for the implementation and reporting of control systems is in place. Larger companies are even more concerned about security issues -; especially since the AICPA and Trust Services Criteria has developed guidelines for evaluating and for reporting on the controls over both systems and information.
Gain a Competition Advantage
It was estimated that the average cost for an organizational data breach was around $3.62 million. With so much being at stake, there are more companies that are requiring that vendors that are at risk of data breaches provided proof that they are protected properly by completing the SOC 2 audit. When it comes to pursuing clients that need a SOC 2 report, ensuring that one is available and that will give a business an advantage over the competition.
Marketing Differentiator
While the competition may make a claim to be secure, if there is no proof by way of an audit, this is just lip service. Acquiring a SOC 2 report can help to differentiate the organization from any other companies in the market that have not made the same investment in capital or time. It is even possible to market the business’s adherence to these high standards while others are not able to do this.
Improved Services
It is also possible to learn how to be more secure and more efficient with the SOC 2 audit. It is possible to streamline processes and various controls based on a person’s understanding of all the cybersecurity risks that a customer face. This is going to help improve a business’s services.
When it comes to the SOC 2 audit, there is no question that it offers several benefits. Keep this in mind to see why it can be helpful for a business and why it is a smart investment. Knowing what is offered is the best way to ensure that a business remains compliant and that no serious issues arise related to data breaches.
