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

The financial costs due to these cyberattacks can be high, and the long-term effects of cyberattacks 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 cyberattack but also helps you establish unbreakable trust among your 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. They all have different priorities and criteria, but they have essentially been designed to safeguard customer data for organizations.

• If you comply with these regulations and compliances, then it may open the doors to new sales opportunities, as it will allow you to do business with a wider range of organizations or business partners across different industries. 
• However, some potential clients of your business won’t even consider working with you if you don’t have a specific information security certification in place. In many cases, these cybersecurity compliances may not be legally required, but having them will set you apart from your competitors.
• These compliances are essential because a data breach in your organization may compromise your clients’ data and, in some cases, your clients’ users’ data as well, which can damage your clients’ reputation in the eyes of their users. Therefore, many reputable organizations only want to do business with companies that are well protected by these cybersecurity compliances.

Let’s take a closer look at each of these security standards, and we will also discuss how these standards can improve your sales.

GDPR Certification

Did you know GDPR opens access to the EU market? GDPR (General Data Protection Regulation) is an EU law that requires certain precautions from organizations that acquire personal data from EU residents. Hence, there are requirements for protecting such data from breaches, along with requirements to guarantee certain privacy rights to users.

By complying with GDPR, organizations can expand their customer base to include EU residents. With access to the European market, companies can collect, process, and capitalize on more data than before, which opens the doors to new and expanding revenue streams.

Like any other law, GDPR does not provide a compliance certificate. It is the responsibility of organizations to ensure compliance, or they may incur steep penalty fines. If you are collecting data from EU residents and do not comply with GDPR, you may be at risk of serious legal consequences.

ISO 27001 

ISO 27001 certification creates international business opportunities. By achieving ISO 27001 compliance, organizations gain the ability to win enterprise-level business worldwide. Although there are several security standards, ISO 27001 is one of the most widely requested standards outside North America.

ISO 27001 is not a law like GDPR, but it is a widely accepted and respected information security certification. Complying with ISO 27001 demonstrates that an organization maintains an extremely high benchmark for security. Many potential clients and business partners, including large organizations, will not do business with companies that are not ISO 27001 compliant.

SOC 2 Compliance 

SOC 2 is a North American information security standard, and like ISO 27001, it is not a legal requirement. SOC 2 is an attestation-based standard created by the American Institute of CPAs and is founded on five Trust Services Criteria:

• Security
• Availability
• Processing Integrity
• Confidentiality
• Privacy

Hence, SOC 2 is widely requested throughout North America, and many organizations will not do business with companies that are not SOC 2 compliant. As a result, SOC 2 compliance opens new revenue opportunities for businesses that want to expand in North America or serve larger North American clients.

Do You Need SOC 2, ISO 27001, and GDPR Compliance at the Same Time?

SOC 2, ISO 27001, and GDPR are all designed to enhance information and economic security. However, you may ask whether you need to comply with all three or just one. To open the greatest opportunities for your business, you will need all three security standards, as each of these standards or regulations is critical for entering certain markets. If you comply with all three, it will allow you to do business throughout the entire world.

You should keep in mind that most clients who request a certain security certification will not accept another security compliance in its place. For example, if one of your clients requires SOC 2 compliance, they will not accept ISO 27001 compliance in place of SOC 2 compliance.

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

If you’re ready to expand your business globally while creating larger-scale opportunities, security compliances can be your entry point. Regardless of whether you start 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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The European Union General Data Protection Regulation (GDPR) has put some significant new responsibilities and liabilities on data controllers with regard to their use of third-party processors. That means 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 the most commonly sought-after privacy and security frameworks are ISO 27001, GDPR, and SOC 2. But do you know what these processes are? What kinds of information and practices are reviewed within these processes? How can these processes be used for procurement and vendor-management purposes? And, maybe more importantly, who needs SOC 2, ISO 27001, and GDPR?

Compliance Certifications and Regulations

SOC 2

SOC 2 is an information security compliance standard used across the United States, and it is part of a Service Organization Control reporting framework developed by the American Institute of CPAs (AICPA). However, the intent of this standard is to ensure the safety and privacy of organizations’ customer data.

SOC 2 compliance operates on five Trust Services Criteria, which are as follows:

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

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

• Type I
  
• Type II
  

Generally, a SOC 2 attestation report is issued by external auditors.

Type I Reports

Type I reports evaluate a service organization’s systems and examine whether the selected controls are suitably designed to support the organization’s objectives and principles.

These reports reflect system performance at a specific point in time.

Type II Reports

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

These reports reflect system performance over a 6–12 month period rather than at a single point in time.

As mentioned earlier, SOC 2 compliance hinges on five Trust Services Criteria – security, availability, processing integrity, confidentiality, and privacy. Demonstrating compliance across all five criteria can give an organization a competitive advantage, especially in industries that require higher compliance standards, such as the financial sector.

ISO 27001

This is an internationally recognized standard that calls for an ISMS (Information Security Management System) in an organization. Such a system ensures that the information processed within the organization is administered appropriately.

The ISO 27001 standard lays out the specifications for implementing and managing an ISMS (Information Security Management System). It is an international information security standard that is a more rigorous compliance process and addresses people, processes, and technology.

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

Based on this, an ISMS security standard ensures the confidentiality, integrity, and availability of important information by addressing security issues across the organization. To obtain ISO 27001 certification, organizations must choose an independent accredited certification body such as SOCLY.io.

How Can SOCLY.io Help You With These Compliances?

Information security and privacy are an inherent part of our values at SOCLY.io. 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 potential slippages in real time.

These compliances fortify our commitment to “Information Security and Data Privacy” while assuring our customers, partners, and vendors that we adhere to secure information security practices across the board.

In fact, this also means that we take proactive measures to protect any data that is residing with us, and you, as our customers, can sit back and relax knowing that your data is in safe hands with SOCLY.io.

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