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Why Do We Need SOC 2, ISO 27001, GDPR?

Blog 4

Every business goes through ups and downs, but if you’re seeing more than a momentary slow-down, then there could be a critical piece that might be holding you back and that is “Information Security”. Because lack of information security has a negative impact on an organization and the organizations suffer when they’re struck by a cyber attack. 

The financial costs due to these cyber attacks can be high and the long-term effects of the cyber attacks also result in damaged trust and reputation. However, if you have strong information security measures in place then it doesn’t just protect you from the costs of a cyber attack but helps you establish non-breakable trust among the audience. 

In fact, abiding by GDPR, ISO 27001, and SOC 2 compliance protocols can become a powerful differentiator in a very saturated market. 

How Can GDPR, ISO, and SOC 2 Help You With Higher Revenue?

GDPR, ISO 27001 and SOC 2 compliance are three different information security standards and these all have different priorities and criteria but they all have been essentially designed to safeguard the customer data of organizations. In fact,
  • If you comply with these regulations and compliances, then it may open the doors for new sales opportunities as it will allow you to do business with a wider range of organizations or business partners of different industries. 
  • However, some potential clients of your business won’t even consider your business if you don’t have a specific certification for information security in place. Well, in many cases, these cyber security compliances may not be required but having them will set you apart from your competitors. 
  • And, these are essential because a data breach in your organization may compromise your clients’ data and in some cases your users’ user’s data as well which damage your clients’ reputation in their users view. Therefore, many reputable organizations only want to do business with those companies that are well-protected with these cyber security compliances.
Well, let’s take a closer look at each of these security standards and we will also talk about how these standards can improve your sales.
  • GDPR Certification –
Did you know GDPR opens access to the EU market as GDPR (General Data Protection Regulation) is an EU law that requires certain precautions from those organizations that are acquiring the important data from EU residents?  Hence, for such organizations, there are requirements for protecting such important data from a data breach. And, there is also a requirement for certain privacy rights and more that they need to guarantee to their users. In the case of the GDPR, complying with this regulation will allow the organization to expand their customer base to include the EU residents. And, with such access to the European market, such companies will be able to collect, process, and capitalize on much more data than before.  It also opens the doors to new and expanding revenue streams.  Like any other law, the GDPR doesn’t have any compliance certificates, but it is up to the organizations to ensure that they comply otherwise they could incur steep penalty fines. However, if you are collecting data from EU residents and don’t have GDPR in place then you will be at a risk for serious legal consequences. 
  • ISO 27001 –
ISO 27001 certifications Creates International Business Opportunities because by achieving your ISO 27001 compliance, you’ll be having the ability to win business from clients at the enterprise level and that too throughout the world. However, there are several security standards but you might have heard about “ISO 27001” in most of the organizations because it is the most widely requested standard outside of North America.  Well, ISO 27001 Standard is not a law like the GDPR, but still it is a widely accepted and respected security certification and not just that but complying with ISO 27001 means that you are maintaining an extremely high benchmark for your organizational security.  Do you know many potential clients and a lot of your business partners including some large organizations and companies will not do business with an organization that is not ISO 27001 compliant?
  • SOC 2 Compliance –
‍SOC 2 is the North American standard and just like ISO 27001, SOC 2 is also a certifiable standard for information security and isn’t a legal requirement. However, this information security Standard was created by the American Institute of CPAs and it was founded on five “trust service principles”:
  • Security, 
  • Availability, 
  • Processing Integrity, 
  • Confidentiality, and 
  • Privacy.
Hence, SOC 2 is a widely requested compliance standard throughout North America and many organizations and businesses in North America won’t do business with a company that isn’t SOC 2 compliant. So, it means this compliance opens fantastic new revenue opportunities for those businesses that want to expand in North America or that want to serve larger North American clients.

‍Do You Need All At Once i.e. SOC 2, ISO 27001, GDPR Compliance At The Same Time?

SOC 2, ISO 27001, GDPR all are designed to enhance the information and economic security, however you may ask whether you need to comply with all three or just one? Well, to open the greatest opportunities for your business, you will need all three security standards and each of these standards or regulations are critical for getting into certain markets and if you comply with all three it will allow you to start doing business throughout the entire world.

So, you should keep in mind that most clients who request a certain security certificate won’t ever accept another security Compliance in its place. For example, if one of your clients requires SOC 2 compliance then they won’t accept ISO 27001 compliance in place of SOC 2 compliance.

How to Get Your Compliance for SOC 2, ISO 27001, and GDPR?‍

So, if you’re ready to expand your business worldwide while creating opportunities on a larger scale then security compliances can be your foot in the door. However, no matter whether you’re starting with SOC 2, GDPR, or ISO 27001, the automated compliance system by Socly.io provides a smoother and more cost-effective compliance process.

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