First off, SOC stands for “Service Organization Controls,” but there a still a few more important definitions to know.
- Service Organization: This refers to the business being audited through the SOC report (your organization).
- User Entity: This refers to the organization looking to outsource business functions or otherwise partner with your organization (your clients).
- Control: This refers to the auditable process or environment meant to prevent or detect security issues (your systems).
The Assurance of a SOC Report
A SOC report is conducted by a third-party auditor, and is intended to provide your clients with assurance regarding your company’s cybersecurity practices. This kind of report shows that your company follows best practices when it comes to finances, security, processing integrity, privacy and service availability. It is an easy way to provide a comprehensive overview of your business’ in-scope systems (the systems connected to the pertinent business functions) through a consistent and recognized framework.
SOC Reports Offer Peace of Mind
A SOC report allows your clients to feel secure, and recognizes that your service organization operates under ethical processes. Being able to give your client peace of mind can have BIG ramifications as your business continues to grow. The right reporting partner can help your SOC audit go smoothly, and help you discover potential flaws in your security environment – minimizing risk for both you and your clients.
A SOC examination is one more way you can give your company a competitive edge. If you’re ready to speak to the experienced SOC professionals at Auditwerx, contact us today!