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The internet has dramatically changed during the recent years and with that the way we communicate and how we handle everyday tasks has also changed. Today, we send emails to one another, we share important documents with people, we pay bills by entering our personal details and even we purchase goods by entering our mobile numbers and addresses and we do all of this without a second thought. But have you ever stopped and wondered how much personal data have you shared online so far? Or did you ever think about what happens to that information?

We’re talking about banking information, contacts, addresses, social media posts, and even your IP address and the sites that you’ve visited, everything is stored digitally. And, the companies tell us that they’re collecting this type of information for the sole purpose of serving you better next time with more targeted and relevant communications. That means, they collect all this information to provide you with a better customer experience.

But, what do you think? Is that what they really use this data for?

This is the question that has been asked several times and later it was answered by the EU in May 2018 when a new European privacy regulation named as “GDPR” got enforced and when it permanently changed the way you collect, store, and use the customer data.

However, in a study of more than 800 IT and business professionals responsible for the data privacy at companies it was found that more than 50% of businesses know nothing about the GDPR. In fact, more than 27% companies have not even begun working on making their organization GDPR compliant.

It is understandable about a small brick and mortar store as they may find it difficult to prepare for GDPR. But, the research also found that even 60% of the tech companies aren’t ready for GDPR yet. However, no matter whether you’re in the tech industry, travel industry, retail industry or an entrepreneur, this guide is for you as here we’re explaining what GDPR is and how will it impact your business. Here we’re also giving a few tips on how you can prepare for GDPR compliance.

What is GDPR?

GDPR (General Data Protection Regulation) is a new regulation which was introduced in the EU and which has been implemented in the local privacy laws in the EU region and the EEA region. However, it will apply to all those companies that are selling to or storing the personal information about the citizens in Europe. 

 

However, what GDPR means is that –

The citizens of the EU and EEA will now have greater control over their personal data and the assurances that their information will be securely protected across Europe.

GDPR directive explains that personal data is any form of information that is related to a person such as –

• A name, 
• A photo, 
• An email address, 
• Bank details, 
• Updates on social networking websites, 
• Location details, 
• Medical information, or 
• A computer IP address.

However, it also explains that there is no distinction between the personal data of individuals in their private roles, public roles, or work roles because the person is the same person.

What are the business implications of GDPR?

This is a new data protection regulation that puts the consumer on the seat of the driver. However, the task of complying with this new data protection regulation falls upon the businesses and organizations. 

What falls under GDPR compliance?

Do you know, GDPR Compliance applies to all kinds of businesses and organizations, especially the ones that have been established in the EU? However, it also doesn’t depend on whether the data processing takes place in the EU or not. In fact, the non-EU established organizations will also be subjected to GDPR in several cases, for instance, if your business offers goods or services to the citizens in the EU, then your business will be subjected to GDPR.

Hence, all the organizations and companies that are working with personal data are required to appoint a data protection officer who will be in charge of the GDPR compliance. In fact, there are heavy penalties for the companies and organizations which don’t comply with the GDPR fines.

And the EU government and EU people are taking GDPR extremely seriously. Just checkout the following stats –

• British Airways and Marriott International have been facing some heavy duty fines due to being unable to fail to comply with GDPR compliance that amount around hundreds of millions euros.

What is the impact of GDPR on Customer Engagement of EnterpriseTech Companies?

In the first place, the conditions for obtaining the consent are strict under the GDPR requirements because the individual has the right to withdraw his/her consent at any time. In fact, there is a presumption that that consent will also not be valid unless the separate consents will be obtained for the different processing activities.

This means before you take an action you have to be able to prove that the individual has agreed to that certain action. Hence, with GDPR it is not allowed to assume or to add a disclaimer as providing an opt-out option isn’t enough.

Hence, GDPR has changed a lot of things for the companies including the way your sales teams prospect. It has also changed the way in which the marketing activities are managed. In fact, the companies have also had to review the business processes, the applications, and forms to become GDPR compliant with the double opt-in rules as email marketing’ best practices.

Pursuing SOC 2 audit is the best practice as the SOC 2 audit brings a lot of value to your organization in numerous ways. Well, this is because such in-depth audits provide you with the increased insight into the security posture of your organization. It also provides you with a better understanding of the new opportunities that can improve the controls and processes. 

Moreover, a SOC 2 audit also provides your business with a competitive advantage which also helps you boost your organization’s reputation. In fact, it gives your customers and prospects the peace of mind as they can rest assured that your organization takes the security of their personal data seriously. 

However, as we all know a SOC 2 audit isn’t just a one-time exercise but it is something that needs to be renewed yearly. And when you consistently renew your SOC 2 audit then it builds the continuity with your controls and processes, Renewing and maintaining SOC 2 also helps to ensure that everything that you put in place will continue to function as planned and as needed.  

Although, for many organizations the renewal process may sound time consuming and in some cases it might be time-consuming depending on how in-depth the initial SOC 2 audit process can be. But, in reality the SOC 2 renewals don’t have to be a burden.   

For making the SOC 2 renewal easy, here we are sharing some tips and tricks that can help you navigate the SOC 2 renewal process with which you can save time and money and also understand that how to use internal resources strategically.  

• Work with the Same Auditor  –

If you were happy with the services of your auditor during the initial SOC 2 audit, then it is advisable to work with the same auditor and vendor for the renewal process. We said this because working with the same auditor every time you need SOC 2 renewal then it will create the efficiencies in the audit process. 

Moreover, the vendor will also become familiar with your environment as well as your internal processes and you’ll also avoid this time-consuming task of on-boarding a new audit firm each year as it can take weeks or longer. However, if you have some price related issue or quality related issue with your previous vendor then we recommend you to go with SOCLY.io as they will Renew and maintain SOC 2 at 50% lesser costs.

And the best part is that you can rely on SOCLY.io for all the coming years for your SOC 2 renewal and maintenance needs as they will provide you 100% satisfaction with their quality of services.

However, if the vendor you will be working with uses compliance automation software to streamline the evidence collection or for the audit process then you will also get the benefits from rollover features within that technology. These features automatically collect as well as update the information and this basically depends on what was collected into the system in the past efforts. Well, doing this will speed up the evidence collection process and it will reduce your renewal timeline greatly.  

• Consider a Multi-Year Bundle 

Most of the time, the auditors offer a multi-year bundle package which allows you to pay for a certain number of SOC 2 renewals upfront. However, it’s a great way to save money and plan your budget in the proper manner. Well, with such multi-year bundles, you get to pay a certain price per renewal. Otherwise, the renewal prices may increase every year with your business scales and with the economy changes. 

At SOCLY.io, we offer a multi-year bundle package which includes –

• Access to industry’s best SOC 2 certified experts, 
• Use of our compliance automation software and more.

However this automation software streamlines the audit process for your team. In fact, you’ll also have an access to the following things –

• Automated readiness assessments, 
• Automated evidence collection, 
• Continuous monitoring, 
• Policy center and more. 

All of these things will make your audit process more efficient.  

• Allocate Internal Resources 

Continuity on the auditor side is the utmost requirement likewise continuity within your organization is also equally important. So, it will be beneficial for your organization if you utilize the same internal resources each year or as many times as possible for managing all the work related to the SOC 2 audit and renewal process.  

However, the initial SOC 2 review process requires a lot of efforts, but in the coming years i.e. at the time of SOC 2 renewal, it tends to be more efficient because now your team has a better understanding of exactly what is required depending on their prior year experience. Hence, each year it gets easier and the more consistency you will be able to create within your internal SOC 2 leads, the better the SOC 2 renewal and maintenance process will be.  

Renew Your SOC 2 with SOCLY.io

SOCLY.io is the top issuer of SOC 2 reports in the world as at SOCLY.io we combine industry expertise and a leading compliance automation software platform for making the SOC 2 audit and renewal process seamless for your team.  Contact us today to talk to a SOC 2 expert about the renewal process by SOCLY.io.

The GDPR (General Data Protection Regulation) is the core digital privacy legislation of the European Union. However, this is a mandate that applies to the organizations in all the member states, and it also has implications for the businesses as well as for the individuals across the EU. This mandate also applies for global parties with an EU customer or user base.

However, there are many enterprises and startups that view GDPR as a troublesome requirement but actually this regulation can help the startups to streamline and improve their countless core business activities. Let’s have a look at the benefits of GDPR Certification for Startups –

• It Provides Easier Business Process Automation –

Do you know many established enterprises use their GDPR compliance responsibilities for just taking a look at –

How well their organization is managing the data storage of their customers’ and clients’ data, the processing, and the management responsibilities?

No matter, whether it is about streamlining the data processing and the lifecycle workflows or about the data hygiene and cleanup or even if it is about greater awareness of the security vulnerabilities, you can get numerous advantages through the GDPR compliance effort which is more than the privacy considerations alone.

• It Offers Increased Trust and Credibility –

GDPR’s Article 5 includes 7 fundamental principles which are as follows:

• Lawfulness, fairness, and transparency,
• Purpose limitation,
• Data minimization,
• Accuracy,
• Storage limitation,
• Integrity and confidentiality, and
• Accountability.

However, these seven principles form the basis for most of the laws within the GDPR Compliance. In fact,, these 7 principals are also becoming the universal data protection principles internationally.

In fact, an organization can gain trust and credibility from the customers when the business can demonstrate that it follows all the seven principles in making the decisions regarding the data protection.

• When an organization reaches the full GDPR compliance then it signifies that it has achieved the highest level of data protection. However, this is an attribute that all your customers, all your clients, and all the business partners will appreciate.
• Additionally, with the privacy and security continue to converge, there is required a high level of data protection which also means a high level of data security. However, this is an objective that is valued by almost every type of organization.

 

• GDPR Provides a Better Understanding of the Data Collected –

Do you know, GDPR adherence can give the businesses a greater understanding of their data and also about how it moves throughout the organization, if approached logically? However, there isn’t a single function or a single department that doesn’t benefit from this better understanding of collected data. 

However, with the assistance of GDPR the marketing and sales teams can acquire the enhanced oversight into the audience to whom they can legitimately market their products and services. Well, this approach results in the smaller and more engaged audiences that is easier to address and manage.

Not just that, but the privacy initiatives trigger a consolidation of data platforms that can further benefit some departments such as “human resources” as it enable the easier reporting and faster or better decision-making.

Plus, it helps the organizations with the employee value proposition as well which is essential to recruiting and retention. Because when employees know that the organization they’re working with has a solid commitment to the security of their personal data along with their clients’ data then they will feel more secure in the organization they’re working in.

• It Provides Improved Data Management –

It is always advised to the organizations that they begin their GDPR compliance effort with a regular internal data audit. So, you should –

• Analyze what data you collect, 
• How much of data has been collected, and 
• What the data is used for. 

However, doing this will provide you with a framework where you can check that what you can continue collecting and what is needed to cease the collection of. So, the businesses should reinforce their data protection programs with the help of the auditors i.e. you should appoint someone who is in complete charge of the data being used and the compliance issues.

 

• It Offers Protected and Enhanced Brand Reputation –

Do you know, by protecting consumers’ privacy, the organizations will not only be able to avoid some of the potential penalties, in fact they will also be able to unlock the hidden reputational value. However, without a verifiable commitment to the privacy of the customer data, the businesses can become vulnerable to the brand damage.

However, the GDPR compliance can help the organizations enhance the customer loyalty over the long run while unlocking the paths to the greater innovation and the great value creation. 

However, it is also essential for those who are hoping to distinguish themselves to the prospective consumers. In fact, the businesses that collect and process the GDPR-affected data will also be required to comply with the GDPR certification for attracting the business customers. This is because those enterprises’ compliance is tied to the vendor’s GDPR abidance. 

Final Takeaway –

GDPR compliance can seem overwhelming and hence it can be easy to fall into the mindset that the GDPR is just another compliance effort like other compliances but it is important to understand that the privacy is now needed to be baked into everything that your company may do at every level of your organizational journey. 

However, it’s important to understand that GDPR compliance is not an accomplishment but it’s a process that means it’s not simply checking off the series of requirements, but it is about evolving, recalibrating, and reconsidering the privacy and data protection.

Technology is revolutionizing the healthcare industry at all the stages of a patient’s journey. However, today we can find the essence of technology in everything i.e. remote GP appointments or the wristbands that count our steps. The 3D printers that are producing human cells and the robots that are carrying out the surgery, there is technology everywhere and health-tech startups are now also using the artificial intelligence (AI), the machine learning and the wearables for create a more personalized and accessible care. 

 However, at the heart of this technology there is data and the information is paramount to the evolution of the healthcare industry. This big data requires great responsibility and therefore privacy and security needs to be integral to the health-tech innovation. Hence, complying with GDPR Compliance helps the healthTech companies achieve the following things –

• Helps in Building Trust –

Health-tech businesses rely majorly on building the trust and maintaining that with their users. Because individuals need to feel comfortable while sharing their most personal data with a commercial entity like a healthcare company, in fact many patients are suspicious of such an exchange of personal information and important health data. 

Talking about the statistics, in a global survey of more than 7,800 people it was found that 55% people don’t trust the tech companies to keep digital health information secure. There was seen a case in 2019 in which the information about the millions of NHS patients was found to be sold to the pharmaceutical companies abroad.  

As a result, 27% people are willing to try the virtual care from the well trusted companies such as –

• Google, 
• Microsoft, 
• Amazon, and 
• GDPR Compliant medical startups.

Because for them the transparency is crucial and patients want to focus on getting better in terms of their health and not on constantly checking their privacy settings!

 

• Helps to Connect Emotionally –

Health-tech entrepreneurs can accomplish some of the most amazing things but only if they’re given the access to the right data. But in healthcare sector more than any other sector, the patient and business relationship is emotional because the healthcare industry by its very nature is emotional. That means, this industry can’t afford to have any error. 

So, only if you get the privacy of their personal information right, you’ll be able to create the loyal customers that would believe in your business. On the contrary, if you lose the personal health data of a patient you could traumatize him or her while opening yourself up to the litigation. In fact, you could also face a barrage of the bad reviews on social media. It means, you should put your users and their best interests first. 

• It Protects form Hacking –

Do you know, according to some of the sources, the medical information is among the most valuable information on the black market. This is the reason why there has been a boom in the ransomware which attacks the affecting healthcare. Cyber criminals believe that they’re more likely to be paid in healthtech because of the nature of the service in healthtech industry. 

For instance, in 2020, the fitness wearables company named as “Garmin” paid $10million to the hackers to free its systems, therefore there has been a number of attacks on the public health services in the entire Europe. 

In Germany, the number of the successful cyber attacks on the health service providers that are operating the critical infrastructure has been more than doubled in the year 2020 as compared to the 2019, likewise France also reported 27 major cyber attacks against the health institutions recently. 

• HealthCare is a Big Investment Industry –

Do you know, in the UK alone, the health-tech sector has attracted more than $7.7billion money from the investors over the last five years which has made it the second biggest category in the national technology sector. 

The healthcare industry is so big that all the technology giants such as Facebook, Apple, and IBM are also desperate to expand their operations into healthcare. Therefore –

• Amazon has recently launched their wristband that tracks the health data of the health conscious people, and 
• Google is also expected to pay $19.7 billion to purchase the Nuance Communications. The Nuance Communications is a pioneer in conversational AI (artificial intelligence) for the healthcare sector. 

The potential for this multi-million-dollar sector is huge, but the privacy is one of the most important strands in the process. The reason is that the investors want to know that whether a company has the right procedures, the right trainings, and the right culture in place to prevent a future potential fine from the regulator or form the reputational damage in case if a security breach happens.

Conclusion –

HealthTech is a highly regulated sector, in fact looking at it with the data protection and privacy concern, there is also a strict guidance that is governing the medical devices including –

• Software, 
• Patient care and confidentiality, 
• Clinical trials, 
• Governance, 
• Advertising, 
• Public procurement, and 
• Product liability etc. 

However, the Privacy Compliance Hub such as GDPR Compliance provides a clear and easy-to-understand checklist that the employees of HealthTech organizations can follow and implement which eventually negates the need to remember each step. And, it also takes 90% of data breaches down to the human error but with that it’s imperative that your team has the right tools it needs to meet the regulatory demands of GDPR compliance.

The GDPR which stands for ‘General Data Protection Regulation’ is a set of laws that are governing the storage and usage of the important customer information and data by businesses operating within Europe.

However, the GDPR compliance requires a lot of transparency from the businesses to their customers regarding the collection, the usage, and the storage of their personal data. Moreover, it also requires the data that is no longer in use to dispose it safely and if there is any data breach then it should be reported to the relevant authorities within 72 hours. 

Although, these additional regulations have proven challenging for the businesses to comply with, the Fintech companies are proving to be better positioned for the GDPR compliance in comparison of the more established financial institutions such as banks. However, this blog will highlight the competitive advantages that the FinTech companies will be getting from the GDPR laws.

What are the GDPR Results in a More Privacy-Conscious Customer Base?

The GDPR regulations are a reactive set of laws because prior to the GDPR laws, there had been numerous high-profile data breaches that took place on a global scale and which also resulted in customer data to be fallen into the wrong hands. 

In fact, some businesses were also unethical in the terms of how they exploit their customer data in their marketing efforts and as today’s consumer is a tech-savvy consumer and they are aware of the dangers that data breaches can expose them to.

Hence, as a result the more vigilant customer base will more likely trust the brands that are perceived as being tech-savvy. Well, this is the place where the FinTech companies get an advantage over their competitors that are more established and are traditional financial institutions. 

With the GDPR compliant Fintech Companies, a consumer can be rest assured about the data security as now they know that the FinTech Company is equipped with the best data handling processes and their entire business model is reliant the latest technology. Moreover,

• Being GDPR Compliant is Less Costly for Fintech Companies –

In general, the GDPR compliance is considered to be very costly and time-consuming process. Because to be a GDPR compliant company, an organization needs to –

• Restructure its entire data collection, 
• Its data handling, and 
• Its storage infrastructure among other things. 

Moreover, new data destruction policies have also to be put in place for ensuring that the customer data is safely disposed of. 

Therefore, some large established financial institutions such as the multinational banks etc. might require a few months or even years to become the GDPR compliant. Talking about the starters, most of the starters store their data in numerous locations which are governed by the different jurisdictions. And, all of these different jurisdictions might have different data handling laws.

However, this is not a problem faced by the FinTech companies because –

• Most of their businesses are conducted online and they already have their data storage streamlined for serving their customers better. 
• Moreover, data destruction is also not a big issue with the FinTech Companies because most of the online servers have the right tools to ensure the GDPR compliance. 
• However, when it comes to the destruction of the physical drives, in that case also there are many affordable options such as the degaussing and the physical destruction of the drives. 

So, all and all for the FinTech companies, the GDPR compliance is a cheaper and faster process and it gives these companies a competitive advantage.

1. Implementing New Policies is More Agile Process with Fintech Companies –

GDPR compliance not just involves a process of replacing the technological infrastructure that a business relies on for handling and storing their customers’ data but it also requires a business to effectively overhaul the entire data management policy of the business. This further involves retraining all the employees especially the ones who come into the contact with the customer data for ensuring that they are well aware of their new duties and responsibilities while their company being GDPR compliant. 

However, this is a lengthy and time-consuming process and there are chances that some of the employees might also face some difficulties while transitioning to the new rules. But in case of the FinTech companies, such companies will find it easier to adapt to this new data handling policy. 

FinTech companies are used to change because these companies must constantly change the way how they work with the development of the new emerging technologies. Moreover, the FinTech companies also tend to be smaller in terms of the staffing in comparison of their counterparts that are more traditional financial institutions. So, this makes it easier for the FinTech companies to adopt and implement the new policies on a companywide basis.

 

• GDPR Compliance Affects a Brand’s Reputation Positively –

A brand’s reputation could be the determining factor for a company operating in a competitive sector such as the FInTech industry. This has been the problem for the new entrants in the market for decades because they had to compete with the financial institutions that are operating for years and have better brand awareness. 

Well, the GDPR laws are making it easier for the new brands, especially the ones that are operating in the FinTech companies to compete with their more established competitors.

GDPR compliance signals your brand’s commitment to the privacy in your target market and it can immediately make your new clients more comfortable at the time of working with a brand that might not have much in terms of the brand awareness in the market.

Building a startup isn’t easy in fact it is always a learning process for everyone whether the startup is being built by a new entrepreneur or by a person who has already built numerous businesses in the past. However, every business has its own challenges, so any two startups can’t have the same experience with –

• Funding, 
• Product Development, 
• Client Acquisition, or 
• Other Aspects of Launching a Company.

However, in the similar manner the startups’ compliance needs can also vary considerably. Because, there are numerous regulations and standards for the businesses in technology, for the businesses in healthcare, and so on! 

In some cases, a business may need to document its compliance with several standards. But if you’re in a business that uses secure data in any way then obtaining ISO 27001 will be among them. 

The basics of ISO 27001 –

In simple words, ISO 27001 is an information security standard that was developed by the “International Organization for Standardization”. However, the key focus of this security standard is your “Information Security Management System”. Putting it in other words, this information security standard has been designed to determine that whether you have the security controls in place for properly securing the data you use.

For What Kinds of Businesses  the ISO 27001 Certification is Needed?

ISO 27001 is not a law which means it isn’t legally required. But, it is also true that most of the organizations whether they’re the potential customers of your business or may be your business’ potential partners, won’t be interested in doing business with your organization if you’re not having ISO 27001 certification.

That means, the businesses that meet the following criteria should work towards getting ISO 27001 compliance and certification –

• If your business collects, stores, transmits, or processes any form of data in any way,
• And, if you want to do business outside your country.

How Can You Get ISO 27001 Certified?

The process for acquiring an ISO 27001 certification is a multi-step process. However, depending on multiple factors, the process can get longer for example: how prepared you are and how thorough your ISMS already is etc. But in general cases, people are required to follow the following steps to get their certification:

• Assess your ISMS

Before you hire an auditor, you‘re required to be confident enough about your ISMS i.e. whether your ISMS will pass the ISO certification assessment or it requires some modifications. However, the best way to begin the assessment process is with your own assessment of your ISMS against the ISO 27001 controls so that you can see how you stack up. 

You can call it a ‘gap analysis’, however at Socly.io, we can automate this for you by evaluating your ISMS while giving you a clear checklist of which controls you meet as per the ISO certification or which you don’t meet.

• Fix Your ISMS

Once your gap analysis is done, you will be able to have a clear idea of what you need to do for bringing your ISMS to match to the standards of ISO 27001. So, now you can use this checklist to prioritize as well as to update your ISMS so that you can be confident enough that it will pass a formal ISO 27001 audit.

• Choose an ISO 27001 Certification Provider

It’s important to know that the ISO has developed ISO 27001 and the organization doesn’t actually provide the certification which means you can only get the ISO 27001 certification from the third parties such Socly.io. 

However, the ISO organization has a list of standards that all of these third parties, their auditors, and the certifying organizations should adhere to.  So, you need to be sure to choose an ISO 27001 certification provider that adheres to all of these standards by ISO.

• Complete the auditing process

Your ISO 27001 certification provider then starts a two-step auditing process where –

• The first step is an informal readiness assessment which will take a cursory look at your ISMS for checking that if it measures up to the ISO 27001 standards or not. However, if your system passes the readiness assessment, then you’ll move on to the step two and that is the formal audit.
• However, a formal audit can take a few weeks because in this audit the auditor will be thoroughly investigating your Information Security Management System. And, at the end of this audit, you’ll either be passed or failed based on what the auditor will find. 

In case you fail, you’ll have to bear the added expense of paying for a new audit once you will be done with fixing those issues. And, if you pass then your auditor will give you your full report along with your ISO 27001 certificate. However, you customers or partners may ask for both of these documents, so you should keep both of them secure.

• Maintain future compliance

ISO 27001 Compliance is not a ‘do and forge thing’ i.e. it isn’t something that you once complete and then forget. But you will be required to have assessments each year for keeping your compliance up and running. However, for next two years, your auditor will only assess a few aspects of your ISMS randomly to see if they will still pass or not. 

If they do pass then you can maintain your certification and in case they don’t pass, then you’ll need to undergo another full audit for determining that if your certification stands or not. However, after three years, you’ll require a new full audit regardless to be recertified.

Making the sensitive information secure should be a matter of priority for every organization as the hackers are becoming smarter now-a-days and technology is also increasing its ability to access and compromise the sensitive data. However, this increased focus on information security management has lead the organizations to implement the controls in one form or another. However, the effectiveness of the information security standards relies majorly on how this implementation is monitored and how it is controlled.

Well, some organizations only introduce the security controls that deal with some specific IT areas and the non-IT assets remain unprotected. But, this may result in a greater threat to these non-IT assets of Enterprisetech companies. However, to overcome issues like these, the ISO 27001 standard was introduced.

When your enterprisetech company achieves and maintains ISO 27001 certification, then it will give your clients a guarantee that your organization has implemented the best-practice of information security methods.

There are numerous benefits of implementing ISO 27001 accreditation into your enterprisetech organization but we are here with our top four reasons for why your enterprisetech company should comply with the standard.

• Gain A Competitive Edge

In a competitive market of today’s time, it has become hard to differentiate yourself but when you become certified for ISO 27001 security standard then it enhances your value proposition. Moreover, it can also provide a unique point of differentiation between your organization and your competitors’ organizations.

• ISO 27001 Certification tells your customers that you care about their important information and therefore you have a proactive approach in place for addressing the emerging information security threats. In fact, your organization has adopted the best practices for minimizing such threats,
• When you’re an ISO 27001-certified organization then it improves your credibility among your audience. Not just that but sometimes winning or losing a tender submission can rely on having this specific certification,
• In fact, the access to global markets also sometimes depends on having ISO 27001 compliance. The reason is that this certification allows you to compete with your international competitors.
• Last but not the least, the ISO 27001 compliance also removes the hassle of completing the in-depth security questionnaires as well as responding to the auditors for every new client.
• Avoid Financial Loss Due to Data Breach –

If you’re thinking that gaining ISO 27001 compliance might cost you, then let us tell you the fact that not doing it might cost you more. So, we recommend you to weigh the cost of the compliance against the potential costs that may occur due to a breach of data and due to the service interruptions.

Well, when you consider these costs, you will be required to consider the following points:

• We know, implementing the information security standard may look like an expense for many people, but in reality it’s not an expense but it can become a great investment when you can reduce the expenses to resolve the data breaches,
• Do you know, the research shows that a data breach not only results in leakage of important organizational secrets, but it is also very expensive? 
• The best thing is that the ISO 27001 is a globally accepted standard for the Security of important information assets. Hence, it can also help the organizations to avoid some heavy fines and penalties.

 

• Ensure Data Privacy and Integrity –

Maintaining data privacy and integrity is a top priority for most enterprisetech organizations as they hold the personal data of their clients. However, implementing an Information Security Management System is one of the most effective ways of ensuring the effective management of the information security while having the reduction of risk associated with the breaches of data. However, you need to consider the implementation of your enterprisetech organization’s ISMS based on ISO 27001 because:

• Do you know, what is the most reliable way to store the data or to control its access or to use it safely and to destroy it effectively? Well,  it’s only possible through ISO 27001,
• ISO 27001 has its systematic approach which helps to identify, manage, and reduce the severity of the regular threats to your organization’s important information,
• In fact, when you’re an ISO 27001 certified company then it ensures the protection of your information assets. Which can further reduce the probability of losing the trust of your clients because of the data breaches,
• ISO 27001 procedures also enable your organization to promptly detect an incident of the security breach and to immediately take the required action, and
• The information security standard also ensures the data integrity with the help of its access control, the data backup, and the data organization procedures. However, this will allow the separation of the affected data from the rest.

Healthcare companies handle some of the most valuable information in the world such as pharmaceutical R&D information and the most sensitive patient data. However, this is the reason why all healthcare companies need to implement some of the strongest information security measures for protecting such important information of their patients from unauthorized access and some other cyber threats.

Well, the question here is that being a healthcare provider, how would you ensure the security of the sensitive information of your customers? However, this is where the ISO 27001 comes into play which is an international standard for information security. Do you know complying with this information security standard will help these healthcare companies set up a robust system for managing their valuable information in such a way that will meet the industry’s best practices as well as the regulatory requirements.

What is the ISO 27001 Standard?

ISO 27001 is an “international information security standard” that will help the companies manage their customers’ sensitive information. However, the ISO 27001 standard will provide a blueprint of the policies, the procedures, and the controls for helping you set up effective ISMS i.e. “information security management system”. 

In ISO 27001, the companies regularly identify, analyze, and evaluate the weaknesses in their systems. However, this entire process is known as a “risk assessment”. However, for the companies which want to be ISO 27001 certified, let us tell you that the ISO 27001 certification is done by an independent certifying body that will approve that you’ve put together your information security management system in line with the standard. 

However, getting the ISO 27001 certification is beneficial because it is an internationally accepted seal of approval that will help assure your stakeholders about the security of their important data and now they will know that you will be taking the safety of their information seriously.

Why is ISO 27001 important for healthcare companies?

As we mentioned earlier, the healthcare companies handle the most sensitive patient information on a day-to-day basis and a breach to this information could have some severe consequences for the company as well as to the individuals whose data has been leaked or compromised. That means, the healthcare companies have to deal with numerous cybersecurity threats, such as –

• Ransomware Attacks –

Do you know, today a lot of healthcare companies are dealing with ransomware attacks where some bad actors hold the most important hospital data hostage and then they force them to pay the massive ransom to recover it. And, as the healthcare sector is the most likely sector to pay the ransom, it made them the highly lucrative targets for the hackers.

• Attacks on Medical Devices –

In this digital era, healthcare providers are quickly adopting the IoT (internet of things) where medical devices and software exchange important information over the internet. However, there is no doubt the IoT helps the hospitals to streamline their operations but at the same time their unmanaged devices can give the attackers more vulnerabilities to exploit the devices while gaining the access to sensitive data.

How can ISO 27001 protect healthcare companies?

ISO 27001 certification protects healthcare companies in numerous ways. 

• It Provides a blueprint of the policies and the procedures –

 An information security management system built according to the ISO 27001 helps the healthcare companies to clearly state their policies and procedures where they specify how they manage the information. And when the healthcare companies ensure proper policies, then it can help them prevent the data breaches.

• It Helps in Analyzing the Gaps in your Information Security System –

When the healthcare companies integrate an ISO 27001 compliant information security management system in your company then you can easily identify any gaps that are there in your information security system and with that you can also test your existing security measures.

• It Reduces the Supply Chain Risks –

The ISO 27001 standard doesn’t only protect your organization from the external threats but it also helps your organization to reduce the supply chain risks as this information security standard helps you integrate the information security elements into your supplier contracts while minimizing the risks.

• It Ensures that the Staff is Well Equipped to Handle Cyber Threats –

When you comply with the ISO 27001 standard then you can ensure that your staff is well trained in identifying and dealing with the hacking activities like phishing, the password attacks, and the social engineering.

• It Helps Identify and Prepare for a Variety of Security Risks –

With the ISO 27001 information security standard, you can easily identify the different types of information assets along with their unique risks. And, when you know what these risks are, you will be able to easily formulate the strategies through which you can deal with them effectively.

• It Helps with the Legal Compliance –

As we all know the healthcare industry is one of the most heavily regulated industries in the world and this is because of the sensitivity of the information they’re handling. Therefore, some of the most stringent laws such as GDPR and HIPAA have some strict requirements for how these companies should handle the important health data. However, implementing the ISO 27001 security standard will help you in complying with these lawful requirements.

List of the benefits of being ISO 27001 compliant?

• It Helps You Assure Your Customers about the Security of Their Data

Your ISO 27001 certification will provide your customers their peace of mind about your commitment to the security of their important data. However, with many high-profile security incidents in the healthcare industry, the potential customers may possibly have concerns about the safety of their data. 

But, by getting ISO 27001 certified, these companies can show them that you have invested your money, time, and efforts in protecting their data and you have already implemented a robust ISMS “information security management system”.

• It Helps Your Organization Gaining a Competitive Edge in the Industry

Getting ISO 27001 certifications can also help you build the utmost trust while improving your reputation in your industry. Moreover, some of the companies only choose to do business with the ISO 27001-certified companies for avoiding the risks of data breaches, which means this certification will give you an edge over your competitors.

The FinTech industry is growing rapidly, and not just that but the FinTech companies are having captured almost 15% of the market revenue. However, this staggering growth also comes with some challenges and it is especially true when it comes to the information security. 

With a reliance on the online platforms, the FinTech companies are now more vulnerable to the data breaches. 

However, the question here is that, as a FinTech company, how would you ensure that your data is safe and secure?  Well, that is where the ISO 27001 certification comes into the film which is an international standard for information security.  

In the following blog, we have put together the information that will help you understand the critical security challenges that you may face as a FinTech company. Here you will also know that how the ISO 27001 certification would help you to set the processes to tackle them. 

What Security Challenges the FinTech Companies Face?

Information is power for every industry but it is especially important for the companies that manage the large volumes of the sensitive information. However, because of this reason, the FinTech companies must be prepared and alert for any vulnerability that may happen and be ready to defend against those malicious attacks from hackers.  

Well, here are a few challenges that a FinTech Company may encounter:  

• Data Breaches  

Data breaches expose the data to unauthorized people and it can also cause some significant financial losses. However, they usually happen due to technical issues or weaknesses in your system.  

• Digital Identity Fraud  

Digital identity fraud can also take place in the FinTech Industry. However, it happens when the hackers create some strong fake identities and steal the important customers’ digital identities for their benefits. 

However, most of the FinTech companies use the digital identities for the authorization and authentication, so if the Digital identity fraud takes place then it can be a severe issue because someone can use the stolen credentials to make the payments.    

• Malware Attacks  

Malware attacks are the malicious software i.e. spyware and ransomware. However, these software try to steal the information or hold the data for the ransom and these attacks are of usually the most common threats in the FinTechs face.   

So, now you know that what type of security threats you may face in the FinTech industry, but how would you use the ISO 27001 certification to avoid these circumstances and reduce the chances of such attacks?  

How can ISO 27001 Certification help with Information Security of FinTech Industry?

ISO 27001 is an internationally recognized information security standard that outlines the best practices for managing the most important information. However, the ISO 27001 certification includes providing the companies with a blueprint of policies, the procedures, as well as the controls for setting up the effective ISMS (information security management system). 

So, ISO 27001 certification proves that your ISMS has been approved and s certified by an independent certifying body. 

Now let’s check, how can ISO 27001 certification help?

It helps you set up the transparent processes that are aligned with the security’s best practices for your company to manage the important information. However, on your journey of getting ISO 27001 certified, you can also be able to define –

• What information you want to protect, 
• Set up the processes to handle all sorts of data breaches, and 
• Continuously monitor the system for knowing the emerging threats and gaps.  

 

• ISO 27001 Helps You Comply with the Laws and Regulations  

Some mandatory laws such as the UK GDPR law are enforced for the companies that handle the personal data. However, with the ISO 27001 certification, your company will be able to have up-to-date ISMS and also you’ll be conducting the regular audits for ensuring that your company will have the best practices. 

• ISO 27001 Helps You Analyze Gaps in Your Current ISMS  

Using the gap analysis techniques of ISO 27001, you will be able to compare that how would you currently protect your information against the requirements of ISO 27001. And when you will do this, you’ll know that if your system is still up to date or not and follows best practices. 

• ISO 27001 Help You Track, Manage, and Protect Your Assets  

In the journey of ISO 27001 certification, the asset management is a process that will help you to take account of all the essential tangible as well as the intangible assets in your company. It will enable you prioritize what assets need the protection and how. 

• ISO 27001 Helps Identify Security Flaws and Set Up Processes to Prevent Them 

Risk assessment in the process of ISO 27001 lays the groundwork for the information security while helping you recognize, analyze, as well as decide how to respond to these information security threats. However, along with the ISO 27001 certification, you are required to also ensure that your team and your company culture align with the information security goals of your organization.

How can Socly.io Help FinTech Companies Securely Manage their Important Data?

Complying with the ISO 27001 certification can initially seem challenging and it especially looks more challenging in the highly regulated industries such as the financial services. However, at Socly.io, we empower the FinTech companies implement and obtain the ISO 27001 certification.  However, we help the FinTech Companies with the services such as –

• Asset protection, 
• IT management, 
• Policy on security, 
• Threat reduction, 
• And more. 

Are You Interested in Getting ISO 27001 Certified? 

If you’re a FInTech Company or some other organization that is looking for getting ISO 27001 certification then schedule a meeting with our experts or check out our website’s ISO 27001 Certification section to learn more about the certification.

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.