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Got SOC 2 with Strikegrpah? Renew And Maintain The Same At 50% Lesser Costs With SOCLY.io

Security certifications are very important for the vendors and technology firms. However, many organizations choose SOC 2 certification for demonstrating the most effective risk management practices as well as for meeting the regulatory requirements. Well, holding a SOC 2 certificate shows that your organization is taking the security seriously and it is taking the security seriously even more than ever. And, do you know most of the deals often depend on it. 

Hence, it is critical for your organization to gain a SOC 2 certificate and if it already has a SOC 2 certificate then it’s necessary that you renew and maintain the SOC 2 certification every year. However, if you got your SOC 2 certificate with Strikegrpah and want to renew it at a lesser cost, contact us as we will renew and maintain your SOC 2 certificate at 50% lesser costs at Socly.io.

What is involved in a SOC 2 audit?

With SOC 2 reports, you will be focusing on the non-financial reporting controls which are based on five Trust Service Principles:  

  • Common Criteria, 
  • Availability, 
  • Processing Integrity, 
  • Confidentiality, and 
  • Privacy. 

However, you can choose to report on any of these 5 Trust Service Principles of SOC 2 but you are required to always include the Common Criteria.  

Do you know, the pathway to SOC reports Type I or Type II will take the significant preparation. For instance, the Type I SOC report is a “point in time” report on your systems and processes etc. 

On the other hand, SOC Type II looks at least 6 months of evidence and we generally call it as the ‘lookback period’ and it is much more comprehensive. That means, SOC Type II provides more assurance because in SOC 2 the auditor will be testing the operating effectiveness of the controls. 

However, being SOC 2 certified is just the start of your long term commitment to the security and compliance. And, the organizations need to renew their SOC 2 certification in every 12 months.  If you completed your first SOC audit with a manual process then you have probably used hundreds of spreadsheets and documents for keeping the track of all your policies and evidences.  

But, do you know there’s an easier way to keep the track of evidences and for helping your organization in the future. So, no matter whether you are starting a SOC 2 certification preparation for the first time or you’re going to renew your certification then taking help of an automated process as of Socly.io can save your organization’s time and money.  

Collection of Evidence

When it comes to SOC 2 then if you didn’t document it means it didn’t happen. Some examples of the evidences include: 

  • Organizational charts, 
  • Asset inventories, 
  • Evidence of on-boarding processes, 
  • Evidence of off-boarding processes, and 
  • Change management.  

When reviewing the evidences, your auditor may in some cases choose to conduct the on-site interviews or they may also handle interviews remotely sometimes. The report can take between 6 to 8 weeks for the small companies, or even more months for larger companies and it all depends on the scope of the report.  

Why SOC 2 Renewal and Maintenance is Required?

SOC 2 renewal and maintenance is required because your service offering is not static and similarly the risks and threats landscape around it are also not static. Hence, with the evolution of your business, it is necessary that you keep on hardening and fine tuning your security controls over time so that it can deal with these increased security threats. 

And as your business grows, your assertions around your controls change and also there will be a need for auditing and issuing a new SOC2 compliance report for reassuring your customers accordingly.  However, once you have SOC2 compliance, you need to be prepared for the continuous compliance for a longer period of time. 

Well, the good news is that you would have no need to spend the same amount of money and resources or time that you did earlier at the time of attaining your initial SOC 2 Report. However, the subsequent SOC 2 audit reports will be based on “how much your controls changes”. 

 If there is no or little change in your controls then simply a bridge letter issued by your organization which says that the controls didn’t change during that period may be sufficient for your customers. 

However, if there are significant material changes in your control, then in that case you must go through the SOC2 journey again. But nothing to worry about as this time it will be much shorter and smoother, if planned properly. 

 Well, whatever may be the case you shouldn’t have a gap in your SOC2 Compliance because having a gap in SOC 2 Compliance may bring your business to a situation where you will be required to spend more budget, more time, and more resources to “renew” your SOC2 certificate. 

Hence, you should remember that your clients will ask for a regular and continuous reporting on your controls year over year and without a break especially in the period being covered. In fact, you may lose your prestigious clients, if you fail to reassure them with a regular SOC2 report. 

Get Frictionless SOC 2 Renewal with Socly.io

At Socly.io, we provide a cost-effective solution for a frictionless SOC 2 renewal in which you get ready for the renewal and in the process you will get the following –

  • Develop and manage a continuous compliance program,
  • Automation and monitoring of the security controls of business, 
  • Update management assertions,
  • Prepare for SOC2 certification.

Benefits –

  • You will be ready for the renewal audits with the minimal efforts,
  • You management assertions would be in line with the customers’ expectations, and
  • You would have all your security data that will be deposited in one place for the future analysis and the future improvements.
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Got SOC 2 With Drata? Renew And Maintain The Same At 50% Lesser Costs with SOCLY.io

Pursuing a SOC 2 audit brings value to your organization in a lot of ways. In fact, the in-depth audit provides your organization with increased insight into your security posture while giving you a better understanding of the opportunities where you can improve the controls and processes. Not just that, a SOC 2 audit also provides the organizations with a competitive advantage while boosting their organization’s reputation so that your customers and prospects can be rest assured as they know that your organization takes their data’s security seriously. 

However, a SOC 2 audit isn’t just a one-time exercise but the audit must be renewed yearly and maintained regularly. If you consistently renew your SOC 2 audit, then it will help you build continuity with the controls and processes. In fact, having SOC2 compliance certificate provides you with the following benefits – 

  • Ensure Data Security

You can implement proven SOC frameworks for protecting your organization’s data by achieving compliance.

  • Maximize Customer Satisfaction

This improved data protection will give your customer a secure feeling which will ultimately help you build trust among your audience.

  • Improve Organizational Credibility

You can get certified with SOC frameworks and obtain the global recognition for increasing your authority & credibility in the market.

  • Attract New Customers

When you have a great corporate image then you can expand your market presence while gaining new customers and growing your business quickly.

Well, the renewal process might be sounding time consuming at first but as we said in-depth the initial SOC 2 audit process can do wonders for an organization. So, SOC 2 renewals and maintenance don’t have to be a burden for you. 

So, if you already have SOC 2 compliance certificate and you got it from Drata then you can renew it with SOCLY.io at half the price and we will help you maintain it with equal integrity for a longer run.  However, renewing a SOC 2 certificate involves a few steps that need to be followed carefully. 

  1. Determine the renewal date: The first step in renewing a SOC 2 certificate is to determine the renewal date. The renewal date is usually one year from the date of issuance of the previous certificate.
  2. Conduct a readiness assessment: A readiness assessment will help you determine whether you are ready to renew your SOC 2 certification. This involves reviewing your policies, procedures, and controls to ensure that they are still effective and meet the requirements of the SOC 2 framework.
  3. Schedule an audit: Once you have determined that you are ready to renew your SOC 2 certification, you will need to schedule an audit with an accredited auditing firm such as SOCLY.io. The auditor will perform a detailed assessment of your controls and policies to determine if they are operating effectively.
  4. Address any deficiencies: If any deficiencies are identified during the audit, you will need to address them before you can renew your SOC 2 certification. The auditor will provide you with a report detailing any deficiencies found and provide recommendations for addressing them.
  5. Submit documentation: Once any deficiencies have been addressed, you will need to submit documentation to the auditor to demonstrate that your controls and policies have been updated and are operating effectively.
  6. Receive renewed certification: After the auditor has reviewed your documentation and confirmed that your controls and policies are operating effectively, you will receive your renewed SOC 2 certification.

It’s important to note that the specific steps involved in renewing a SOC 2 certificate may vary depending on the auditing firm you choose and the specific SOC 2 framework you are certified against. It’s always a good idea to work closely with your auditing firm and follow their specific guidance and requirements to ensure a successful renewal.

Renew Your SOC 2 with SOCLY.io

SOCLY.io is the top issuer of SOC 2 reports in the entire world as we combine our industry expertise with a leading compliance automation software platform for making the SOC 2 audit and renewal process as seamless as possible for your team.  

So, you can contact us today to speak to one of our SOC 2 experts about the SOC 2 renewal and maintenance process and prices which are 50% lesser than other platforms. 

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Got SOC 2 With Vanta? Renew And Maintain The Same At 50% Lesser Costs With SOCLY.io

SOC 2 compliance is critical because when pitching for high-value projects in the unexplored markets, having SOC 2 compliance can be the most important deciding factor. And not just that, SOC 2 compliance can tip the scales in your favor. However, it doesn’t only confirm your adherence to the established data protection standards, but it also improves the customer trust in your brand.

Do you know when this compliance backs you then your prospects can be more confident when entering into contracts with your company? Well, this is because they would know that their data is in safe hands. Hence, having SOC 2 compliance is the simplest strategy that will help you close more deals and to increase the revenue.

Well, SOC2 isn’t something that is compulsory, but it’s something that every business that deals with important data should consider for communicating to their consumers so that you can tell them that you care about their data’s integrity and privacy.

SOC 2 (System and Organization Controls 2) is a set of standards that ensures that companies provide adequate controls to protect their clients’ data privacy and security. Soc 2 is a widely recognized standard for data privacy and security and is becoming increasingly important as more companies move their operations to the cloud. 

Well, the organizations that want to attain the SOC 2 compliance for the first time can attain it with SOCLY.io in the most affordable prices.

However, if you’ve already attained the SOC 2 compliance certificate from Vanta or from somewhere else, then it’s important that you renew and maintain it. Well, at SOCLY.io we also provide the services for renewing and maintaining SOC 2, and the best part is that we provide this at 50% lesser costs. However, 

  • To maintain and renew Soc 2 certification, companies must adhere to a set of rigorous requirements and take specific steps to ensure that they are complying with the standard.
  • The first step in renewing and maintaining Soc 2 certification is to ensure that the company has a strong culture of compliance. This means that all employees understand the importance of data privacy and security and are trained on how to maintain the controls required by Soc 2. 
  • Companies should regularly conduct training sessions and communicate any changes to the controls to ensure that all employees are aware of their responsibilities.
  • Next, companies must perform regular assessments to ensure that they are meeting the requirements of Soc 2. These assessments should be performed by an independent third-party auditor who is trained in the requirements of the standard. 
  • The auditor will review the company’s controls and policies to ensure that they are adequate to protect client data and meet the requirements of Soc 2.

However, during the assessment, the auditor will also identify any gaps or weaknesses in the company’s controls and policies. And, these gaps must be addressed by the company in a timely manner so that they can ensure that the company is maintaining its certification. Companies should develop a remediation plan to address any identified weaknesses, and they should document their progress in addressing these weaknesses.

Companies should also perform regular internal audits to ensure that their controls are being followed consistently. These internal audits can help identify any weaknesses or gaps in controls before they are identified by the external auditor. The results of the internal audits should be shared with management and used to improve the company’s controls.

Another critical step in renewing and maintaining Soc 2 certification is to maintain a strong security and privacy program. This program should include regular security and privacy risk assessments, ongoing monitoring of security and privacy incidents, and incident response planning. Companies should also maintain a strong vendor management program to ensure that any third-party vendors that have access to client data are also compliant with the requirements of Soc 2. Moreover, 

  • To maintain and renew Soc 2 certification, companies must also ensure that they are keeping up with changes in the standard. The standard is updated regularly, and companies must ensure that they are aware of any changes and are taking the necessary steps to comply with the updated requirements. 
  • Companies should also stay up to date on any relevant laws and regulations that may impact their compliance with Soc 2.

Conclusion –

In conclusion, we would say that renewing and maintaining SOC 2 certification is critical for those companies that handle the sensitive client data. However, to maintain their certification, those companies must maintain a strong culture of compliance, perform regular assessments, perform regular internal audits, maintain a strong security and privacy program, and stay up to date on changes to the standard and relevant laws and regulations. 

However, by taking these steps, the companies can ensure that they are providing adequate controls to protect their clients’ data privacy and security and maintain their compliance with the standard. 

SOCLY.io helps you renew and maintain SOC2 compliance much faster and in a 50% lesser budget than any other approach. In fact, our approach helps you eliminate unnecessary delays because we help you with automating the evidence collection which speeds up the process and makes everything so much more transparent.

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Importance of SOC 2 Compliance for Startups

Acquiring the SOC 2 compliance is critical for early-stage startups as well because with SOC 2 compliance they can avoid the potential loss of business. The process of getting SOC 2 certification isn’t easy but you can get certified with ‘SOC 2 certification’ fast with Socly.io.

However, our world has gone online and with that our data has also gone online. And, with that the risk of getting your data into the wrong hands has also risen exponentially. 

Talking about a recent data breach that took place in June 2021 where LinkedIn saw a breach of selling the personal data such as names, emails, geo location, and more of its 700 million users in a Dark Web forum. 

However, such security threats not only exist for the individuals but these threats also exist for the enterprises and especially for those enterprises that are working with the third-party vendors. Just imagine what if the third-party vendors mishandle the data and enterprises stand vulnerable to some serious security issues such as theft of the proprietary secrets or the intellectual property, extortion, and installation of the malware and viruses.

Hence, no company wants to take the information security lightly and therefore no company will ever want to work with a service provider that can’t guarantee the safety of their customers’ data. 

SOC 2 certification is an auditing framework and it is a voluntary compliance standard that is applicable to SaaS and other technology service companies i.e. the companies that store the clients’ data in the cloud.

However, this framework has been developed by the American Institute of CPAs and it defines a set of criteria for safely and effectively managing this data and the best part is that this benchmark is accepted globally. 

In fact, a company that is SOC 2 compliant ensures that the controls and practices it follows protect the privacy as well as the security of customer data. As a result, such companies earn not just the business but also the trust of their client organizations. 

Why Should a Startup be SOC 2 Compliant?

When you’re building a startup then you already have a lot of work to do and many responsibilities to fulfill i.e. from hiring the right candidates to finding the perfect product-market fit while accelerating the growth.

However, at the same time, you might be wondering whether acquiring SOC 2 compliance is critical at such an early stage or not.

But, the answer to your question is “Yes”, it is critical for the startups. Well, there are the reasons why SOC 2 certification is critical –

Demand – 

Your customers require the SOC 2 compliance so that they can trust you with their data. In fact, the enterprise-level clients will be ready to work with you only if you address their security concerns properly. Hence, you could lose the prospective customers as well as a very big business if you’re not SOC 2 compliant. In the similar manner, you can also scale your revenue and growth at a much faster rate by attracting the potential clients with your SOC 2 compliance.

Reputation

SOC 2 certification shows your accountability and reputation and at today’s times when the U.S. has reported its highest number of data breaches in 2021, it shows how data breaches can erode trust while causing the reputation of a company to vanish in just seconds. In fact, this may also result in significant legal issues and very high reparation fees. So, it’s clear that no company would want to risk such damage by working with a non-SOC 2 compliant vendor.

Security

SOC 2 compliance at an early stage of a startup helps the organizations establish a security-first culture, just think about your development team that is building a more secure product and at the same time your marketing team will be complying with various data privacy laws. In fact, your IT team will also be ensuring the security of all your systems i.e. right from the get go. However, the best part is that you will save a lot of time and money because you’re preemptively dealing with the security threats and not required to address them later after the damage has been done.

What Kind of Startups Need SOC 2 Compliance?

The startups that provide the technology services such as B2B SaaS or the cloud computing, then such startups should invest in SOC 2 compliance. However, the certification or SOC 2 compliance is not legally mandatory but it is advantageous or essential to have SOC 2 compliance by considering the reasons mentioned above.

How can your Organization Achieve SOC 2 Compliance in the least time possible?

Achieving the SOC2 compliance may generally take you anywhere between 2 weeks to a month once the audit is complete and the preparation phase for achieving an SOC 2 compliance is even longer than this and it depends upon the nature as well as the scope of compliance you opt for. However, you can decrease this time by following the below-mentioned steps –

  • Identify the type as well as the scope of the SOC 2 compliance,
  • Choose such a compliance platform that helps you automate the compliance processes,
  • Sign up an audit partner,
  • Conduct an internal risk assessment,
  • Have a robust security in your organization structure,
  • Establish the audit readiness by closing all the security loopholes,
  • Write your SOC 2 security system description, and
  • Receive your compliance certification.
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Why is SOC 2 Essential for Enterprise Tech?

SOC 2 is a type of audit report that evaluates the effectiveness of a company’s controls over its customers’ data. For EnterpriseTech, which deals with sensitive data on a daily basis, a SOC 2 report is an essential tool for demonstrating compliance with industry standards and building trust with clients.

A SOC 2 report evaluates a company’s controls over five “trust service principles” (TSPs): security, availability, processing integrity, confidentiality, and privacy. Each of these TSPs has its own set of control objectives, which are designed to ensure that the company is protecting customer data in accordance with best practices.

Security is perhaps the most important of the TSPs, as it relates to protecting the confidentiality, integrity, and availability of customer data. A SOC 2 report will evaluate the effectiveness of a company’s security controls, such as firewalls, access controls, and encryption, to ensure that customer data is secure from unauthorized access or disclosure.

Availability is another important TSP, as it ensures that customer data is available to authorized users when they need it. A SOC 2 report will evaluate a company’s controls around system uptime, disaster recovery, and backup procedures to ensure that customer data is always available.

Processing integrity is a TSP that ensures that customer data is accurate, complete, and processed in a timely manner. A SOC 2 report will evaluate a company’s controls around data entry, processing, and validation to ensure that customer data is accurate and up-to-date.

Confidentiality and privacy are TSPs that relate to the protection of customer data from unauthorized access or disclosure. A SOC 2 report will evaluate a company’s controls around data access, data storage, and data sharing to ensure that customer data is protected from unauthorized access or disclosure.

For EnterpriseTech, a SOC 2 report is essential for demonstrating compliance with industry standards and building trust with clients. By undergoing a SOC 2 audit and obtaining a SOC 2 report, EnterpriseTech can demonstrate that it has effective controls in place to protect customer data in accordance with best practices.

A SOC 2 report can also be a valuable marketing tool for EnterpriseTech, as it can help to differentiate the company from its competitors and demonstrate its commitment to customer data protection. By prominently displaying its SOC 2 report on its website and marketing materials, EnterpriseTech can show potential clients that it takes data protection seriously and has the necessary controls in place to ensure: 

  • The security, 
  • The availability, 
  • The processing integrity, 
  • The confidentiality, and 
  • The privacy of customer data.

Hence, a SOC 2 report which is an essential tool for EnterpriseTech to demonstrate the compliance with industry standards and to build the utmost trust with the clients. By undergoing a SOC 2 audit and obtaining a SOC 2 report, EnterpriseTech can demonstrate its commitment to customer data protection and differentiate itself from its competitors.

Benefits of SOC 2 Audit for EnterpiseTech Industry

As enterprises continue to rely more heavily on technology to manage their operations and store sensitive data, cybersecurity threats are becoming more complex and pervasive. It is essential for enterprises to demonstrate that their technology systems and processes are secure and reliable. 

However, SOC 2 or Service Organization Control 2, is a set of auditing standards developed by the American Institute of Certified Public Accountants (AICPA). It is a comprehensive framework that helps organizations ensure the security, availability, processing integrity, confidentiality, and privacy of their systems and data.

In today’s world, where cyberattacks and data breaches are becoming increasingly frequent and sophisticated, SOC 2 compliance is critical for enterprise technology. Here are a few reasons why:

  • It demonstrates a commitment to security

SOC 2 compliance is a clear indication to customers, partners, and stakeholders that an enterprise is committed to security. It shows that the enterprise has implemented robust security controls and processes to safeguard sensitive data and prevent unauthorized access. This helps to build trust and confidence in the enterprise’s ability to manage risk and protect valuable information.

  • It enhances competitive advantage

SOC 2 compliance can be a significant competitive advantage for enterprise technology companies. It demonstrates that an enterprise has implemented robust security controls and processes, which can be a differentiator in a crowded market. SOC 2 compliance can also be a requirement for doing business with some customers or partners, giving compliant enterprises a competitive edge over non-compliant ones.

  • It protects against data breaches

Data breaches can have serious consequences for enterprises, including financial losses, reputational damage, and legal liabilities. SOC 2 compliance helps to protect against data breaches by ensuring that an enterprise’s systems and processes are secure, and that sensitive data is appropriately protected. It provides a framework for identifying and addressing vulnerabilities before they can be exploited by attackers.

  • It helps to meet regulatory requirements

Many industries, such as healthcare and finance, are subject to strict regulatory requirements for data security and privacy. SOC 2 compliance helps enterprises to meet these regulatory requirements by demonstrating that they have implemented the necessary security controls and processes. This can help to avoid costly fines and legal action for non-compliance.

However, SOC 2 compliance is not a one-time event. It requires ongoing monitoring, testing, and improvement of security controls and processes. This provides a framework for enterprises to continually improve their security posture, ensuring that they stay ahead of emerging threats and maintain the trust of their customers and stakeholders.

Conclusion –

SOC 2 compliance is essential for enterprise technology companies in today’s cybersecurity landscape. It helps to demonstrate a commitment to security, enhances competitive advantage, protects against data breaches, helps to meet regulatory requirements, and provides a framework for continuous improvement. 

By investing in SOC 2 compliance, enterprises can ensure that their technology systems and processes are secure and reliable, and that they are well-positioned to meet the evolving security challenges of the future.

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Why SOC 2 Compliance Certificate Crucial for Fintech Companies?

Technology has advanced significantly in the past decade with the complexity and need for regulatory and security compliance has also increased. Talking about the fintech companies such as banks and other financial institutions, they are in such a business where they are required to constantly store and interact with the most sensitive consumer information. 

Hence, the financial institutions are needed to have a standardized framework which verifies that the partners they work with are securely handling the information of their clients.

However, the SOC 2 audit report is commonly known as the best compliance for fintech companies and it is also viewed as a gold standard compliance indicator especially for the fintech industry. It has been developed by the AICPA (American Institute of Certified Public Accountants) and the SOC 2 information security standard is an audit report which is provided on the examination of controls including –

  • Security, 
  • Availability, and 
  • Confidentiality.

In today’s times, most of the fintech companies understand the value of security and claim they are 100% secure. But, that claim doesn’t hold any weight without some concrete and objective proofs such as a SOC 2 report. 

However, the SOC 2 report is generally a long and rigorous process and not just long and rigorous but it is self-imposed and it has also been pursued by the companies that take their customers’ data security seriously. But, the SOC 2 report can vary between the companies. This is because of the organizational differences the companies have. However, it is also evaluated based on multiple criteria for making sure that the company follows the strict IT security protocols for the purpose of protecting their systems as well as their clients’ important data from unauthorized access. It also ensures that such companies also minimize the incidents’ impacts whenever needed.

Well, there are numerous reasons why fintech companies need to be proactive about having SOC 2 compliance or for becoming SOC 2 compliant. But, the most critical reason among all the reasons is that it shows a higher level of information security framework in place. So, whenever any financial institutions search for collaborating with a fintech partner, then they will always look for such companies that take the clients’ data security and information security seriously. 

Moreover, when a fintech company is SOC 2 compliant then it also shows that the company has put in its valuable resources to ensure that they have upholded a high standard of security for their partners.

  • Banking institutions and financial institutions have such data that contains some of the most sensitive information but if such important information is mishandled then it can cause significant losses in terms of money. In fact, not just the monetary losses but it can also give long-lasting reputational damage to the fintech companies.
  • A report by IBM also found that the financial industry, especially the fintech companies, have the second-highest average cost of a data breach among all the other sectors.

For instance, there is the infamous case of the Equifax data breach which took place in 2017 and it did cost the credit bureau giant around $700 million. Well, it has happened due to the failures to follow the security protocols? 

Moreover, in the same IBM report, it is also stated that 38% of data breach costs incur from the lost business shares and this cost includes: 

  • The increased cost of customer turnover, 
  • The lost revenue which happened due to system downtime, and 
  • The cost that has been incurred for new customer acquisition.

When you fintech business is SOC 2 compliant then it can add an extra layer as well to the customer trust. In fact, a SOC 2 compliant company also significantly suffers less from a data breach than the other companies and they also need to bear less substantial incurred costs. 

However, not just financial losses could be better but at the same time, your brand reputation and the equity will also be much better as compared to the companies that aren’t SOC 2 compliant. That means, ultimately SOC 2 compliance will bring in more business for your fintech business.

Today the financial institutions are favoring the fintech companies for delivering their more functions and for increasing their service offerings, hence in such a time, they are incredibly selective when it comes to choosing the fintech companies that they want to work with. 

However, with countless fintech companies out there, the SOC 2 compliance will allow any fintech company to stand out among all the non-SOC 2 compliant competitors which will ultimately give those financial institutions the confidence which they need. 

So, in today’s world, where frauds, data breaches, and cyberattacks have become so common, the SOC 2 compliance is a solution for any fintech company that wants to stay relevant and ahead of the competition. 

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

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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Why Your a Healthcare Organization Need a SOC 2 Compliance?

The information security is important for healthtech industry because no one wants to work with an at-risk healthcare provider. However, if someone is looking to use your healthtech services then they would want to know how secure your healthcare organization actually is?
Well, you may think that you have a secure healthcare organization, but this is not always the case. Because with more and more healthcare security breaches that have been reported to the HHS so far, it has become more important than ever for the covered entities and business associates to demonstrate their commitment for keeping “protected health information” secure while providing the top quality healthcare services as well as by putting their patients’ well being first.

What is a SOC 2?

A SOC 2 compliance certificate is perfect for both the covered entities as well as for the business associates that want to reassure their clients that the information they will be providing is secure, available, and confidential. Hence, it has become increasingly common for the organizations that want their vendors to be SOC 2 compliant. Such organizations ask for SOC 2 Compliance to ensure that the healthcare organizations they’re working with have strong security in place.

However, a SOC 2 audit addresses the third-party risk concerns. And, it does so by evaluating the internal controls as well as the policies and the procedures that directly relate to Trust Services Criteria.

So, this means that a SOC 2 audit report focuses on an organization’s non-financial reporting controls which are related to:

  • Security,
  • Availability,
  • Processing Integrity,
  • Confidentiality, and
  • Privacy of a system.

Security – Is the system you’re using protected against the unauthorized access?

Availability – Is the system that is being used is available for operation and in use as agreed?

Processing Integrity – Is the system processing has been completed and is it valid, accurate, timely, and authorized?

Confidentiality – Is the information that’s designated termed as confidential is actually protected as agreed?

Privacy – Is the personal information that has been collected, used, retained, disclosed, and destroyed in the accordance with the entity’s privacy notice?

However, the responsibilities of the covered entities and the business associates vary and a healthcare organization generally will choose to be evaluated against the security, the availability, and the confidentiality categories. Because if a client can’t be assured that you have reliable and secure processes for securing the protected health information then they wouldn’t choose to work with you.

Why Should Healthcare Organizations Include the Privacy Category?

In addition to choosing the security, availability, and confidentiality categories, for healthcare organizations, it might also make sense to include the privacy category in their SOC 2 audit.

  • Let us make you understand this with an example –

Consider a doctor’s office, so what’s one of the first items that the receptionist will hand you? Well, she will hand you “a Notice of Privacy Practices” at first. Do you want to know why?

Well, it is because you’re about to disclose the personal information about your medical conditions to a medical provider. And not just that but you will also provide them with other personal information such as:

  • Your data of birth,
  • Insurance information, and
  • List of medications that you’re on.

But, just imagine if the doctor’s office shares that personal information with a marketing company that want to advertise new prescriptions to you?

And, if the doctor has shared this important information with a research organization which is conducting a research about the treatments for your condition. What if they give that information to other medical providers or to an insurance company?

However, you should be informed that who your personal information they are going to share with.

What are the Benefits of SOC 2 Compliance for a Healthcare Organization?

Well, when a healthcare organization goes through a SOC 2 audit, then it tells that the particular healthcare organization has invested their time, money, and efforts in providing the most secure services to their clients while remaining committed in keeping their clients’ PHI secure.

However, do you know your organizations reputation along with your business continuity, your competitive advantage, your branding, and your patients’ health all depend on the quality of your services and the security of your systems? And, this is the reason why healthcare industry can get benefits from SOC 2 compliance.

  • The healthcare industry is based on the customer trust and if a client can’t trust your services, then they won’t choose to use it. For instance, if a patient is victimized because of your lack of due diligence, then do you know what would be the impact to their health and livelihood?
  • If your organization has have faced a data breach, then the negative impact of this to your organization’s reputation would be huge. However, if even your healthcare organization has been attacked and the PHI of your patients has been exposed, then it would mean that you will face a lot of obstacles in the path and will have fragmented security.
  • In fact, the clients will stop trusting you and the educated prospects won’t want to work with you. And, not just that but the lawsuits and fines will also begin to surface, and patients will also be at the risk of facing the life-threatening consequences.
  • Hence, the continuity of your healthtech business and your patients’ well being majorly depends on securing your systems with SOC 2 security compliance.

If you pursue SOC 2 compliance and achieve the attestation then your healthcare organization will have a new branding tool because now you can market your organization by telling that you have reliable and secure services.
However, when you partner up with an auditing firm such as Socly.io which educates you and performs a quality and thorough audit, then you will gain a valuable competitive advantage.

If your competition doesn’t have a SOC 2 audit report then congratulations you’re ahead of the game. However, even if your competitors have gone through a SOC 2 audit, you should ask yourself that did they go through a quality audit?
But to understand the difference, at first you need to be educated on what a quality audit is so that you can explain to your prospects that why your SOC 2 audit report is more valuable than your competitor’s SOC 2 audit report.

Hence, having a SOC 2 audit report from a licensed and quality-driven firm opens you up to a whole new marketplace of the prospects who are really very knowledgeable about the security and who are looking for a vendor that is SOC 2 compliant.

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Who Needs SOC 2, ISO 27001, GDPR?

The “European Union General Data Protection Regulation” has put some significant new responsibilities and liabilities on the data controllers in the regards of their use of third-party processors. That means the data controllers will face increased requirements for understanding and contractually stipulating the policies and procedures of their processors according to the GDPR.

Well, two of three most commonly sought after privacy and security frameworks are ISO 27001, GDPR, and SOC 2. But, do you know, what are these processes? And, what kinds of information and practices are reviewed with these processes? And, how can these processes be used for the procurement and vendor-management purposes? And, maybe more importantly, Who needs SOC 2, ISO 27001, GDPR?

Compliance Certifications And Regulations

SOC 2 Certification –
SOC 2 is an information security compliance standard that is used across the United States and it is a part of a Service Organization Control reporting platform known as the “American Institute of CPAs’ which is. However, the intent of this certification is to ensure the safety and privacy of organizations’ customer’s data.

SOC 2 compliance operated with five trust service principles, which are as follows:

  • Security
  • Availability
  • Processing Integrity
  • Confidentiality 
  • Privacy of customer data

Hence, it is a framework for safeguarding data. Well, Systems and Organization Controls (SOC) 2 was developed by the “American Institute of CPAs which is also known as AICPA. And, it is a voluntary standard of compliance for the service providers which has two types:

  • Type I
  • Type II

Well, generally a SOC 2 certification is issued by the external auditors.

Type I Reports

Type 1 reports vouch for the service’s systems while investigating about whether the chosen controls support the organization’s objectives and principles or not.
That means, these reports reflect the system performance at a point in time.

Type II Reports

In addition to the information provided in a Type I report, the Type II reports of SOC 2 compliance detail the operational efficiency of these controls.

And, these reports reflect system performance over a 6-12 month period and not just at a point in time.

And as we said earlier, the SOC 2 compliance hinges on five principles of security, availability, processing integrity, confidentiality, and privacy, so demonstrating this full compliance with all five TSCs will give your organization a competitive advantage and this is especially true for the industries that require higher compliance standards i.e. the financial sector.

ISO 27001

This is an internationally recognized standard which calls for ISMS (Information Security Management System) in an organization. However, such a system ensures that the information that has been processed within the organization can be administered appropriately.

ISO 27001 Standard lays out the specifications for implementing and managing ISMS (information security management system). And, it is the international standard for information security which is a more rigorous compliance process and addresses the people, the processes and the technology.

Hence, the ISO 27001 framework contains best practices that are chosen from a list of “114 Annex A Controls” that cover all the areas of an organization, the organizational issues, the human resources, the information technology, the legal issues, and the physical security. However, these controls are identified and implemented which is based on a risk assessment.

Well, based on this, an ISMS Security Standard ensures the confidentiality, the integrity, and the availability of the important information by addressing the security issues across the organization. However, to obtain an ISO 27001 certification, the organizations must choose an independent accredited certification body like SOCLY.io.

GDPR

GDPR is an EU legislation that provides the privacy protection guidelines for the organizations that are operating in the EU. However, the GDPR applies to all kinds of businesses and organizations within the EU countries and especially to those companies that collect and process some sort of personal data from their customers.

However, this law is also applicable to the companies that are outside the EU and that offer the products and services to EU-based customers. That means, almost all the international-scale businesses as well as the website owners are required to comply with this GDPR regulation. And, if they fail to comply with the GDPR then it may result in a huge fine.

So from the monetary perspective alone, it becomes very clear that the GDPR compliance is an important aspect that you should consider when running an international business or a website. Well, making your website GDPR compliant should also be your top priority because in today’s time customers value their data privacy more than ever.

Did you know, around 80% of website users said that they would stop interacting with a website or a brand the site owner uses their data without their knowledge.

How Can SOCLY.io Help You With These Compliances?

Information security and privacy is the inherent part of our values at SOCLY.io. And, to optimize our Information security compliance, we have automated our compliance processes and a tried and tested framework is also in place to identify and mitigate some potential slippages in real-time.

However, these compliances fortify our commitment to “Information Security and Data Privacy” while assuring our customers, our partners, and our vendors that we adhere to secure the information security practices across the board.
In fact, this also means that we take the proactive measures for protecting any data that is residing with us and you as our customers can just sit back and relax because your data is in safe hands with SOCLY.io.

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Manoj Kumar Shastrula is named as Top 10 SRM University Alumni Leaders 2022 by CEO Insights magazine

Courtesy : CEO Insights India Magazine

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Privacy Policy

Last updated: 8 November 2022This privacy policy (“Policy”) explains how Socly Solutions Private Limited or any of its affiliates or subsidiaries (hereby collectively referred to as (“SOCLY.io”, “We”, “Us”, “Our”) Processes Personal Data collected from You. This Privacy policy applies to all the clients and employees of the organization.

Personal data collected by us

You directly provide Us with most of the data We collect. We collect Personal Data from You directly when You subscribe for any of Our Service(s) by agreeing to the Terms of Service, We collect sign-up and account information including Your name,phone number and e-mail address. We may also receive Your Personal Data indirectly as follows:From third party sources like marketing lists, databases and social media but only where We have checked that these third parties either have Your consent or are otherwise legally permitted or required to disclose Your Personal Data to Us.

Purposes for which personal data will be processed

We Process Your Personal Data to:
  1. Facilitate Your access to the Website(s) and Service(s);
  2. Provide customer service and support;
  3. Send You communication on Your use of the Service(s), updates on Our Terms of Service or other policies;
  4. Send You communication on new features in the Service(s) or new service offerings;

Purposes for which personal data will be processed

We Process Your Personal Data to:
  1. Facilitate Your access to the Website(s) and Service(s);
  2. Provide customer service and support;
  3. Send You communication on Your use of the Service(s), updates on Our Terms of Service or other policies;
  4. Send You communication on new features in the Service(s) or new service offerings;

Sharing of personal data

We do not share personal information.

Retention of personal data

We retain personal information till such time your company has subscribed to our services.

Security of personal data

We use appropriate technical and organizational measures to protect the Personal Data that We collect and Process. The measures We use are designed to provide a level of security appropriate to the risk of Processing Your Personal Data. If You have questions about the security of Your Personal Data, please contact Us immediately as described in this Policy.

Your rights

You are entitled to the following rights:
  1. You can request Us for access, correction, update of Your Personal Data.
  2. You can object to the Processing of Your Personal Data, ask Us to restrict/ stop processing of Your Personal but that can only be done if you stop using our compliance portal

Contact Information

You may contact us if You have any inquiries or feedback on Our personal data protection policies and procedures, or if You wish to make any request, in the following manner: Kind Attention: Privacy Team Email Address: hello@socly.io or You can use the Contact us section in our portal
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