As technology evolves, so does the way we do business. An increasing number of companies are outsourcing functions to managed service providers. But with the growth of outsourcing and cloud technology, comes the growth of cyber crime.
Many organisations write off cyber security measures as costly and time consuming, when in fact, the opposite is true. A 2021 government report found that the average annual cost of data or assets compromised in a cyber attack is £8,640. And that 4 in 10 UK businesses had reported cyber security breaches or attacks in the previous year.
If your company handles outsourced functions on behalf of other businesses, cyber security is crucial, not just for managing your own risk, but your clients’ and their end users too. Luckily, SOC (Service Organisation Control) frameworks have been developed to help you evaluate and address cyber security threats.
There are two types of certification: SOC 1 and SOC 2. Selecting the right type for your business depends on the services you offer. We’ll talk you through the basics below…
SOC 1 was specifically designed for companies whose services directly impact clients’ internal controls over financial reporting. For instance, if your services include payroll processing, retirement planning, or investment advice.
To gain certification, an SOC 1 audit is carried out by an external auditor, whose role is to assess company operations in relation to security, service availability, processing integrity, and confidentiality. Upon successful completion of the audit, you’ll receive an SOC 1 report.
This report confirms that your organisation has the appropriate systems, processes, and controls in place to protect against a cyber attack and data compromisation. It also helps to reassure clients that their financial information is being handled securely.
Not to be mistaken for an advancement of SOC 1, SOC 2 was created to address the increasing popularity of cloud technologies, and what this means for the cyber security of businesses as a whole.
SOC 2 isn’t concerned with financial controls, instead, it focuses on the operations and compliance side of the company. The SOC 2 framework is based on five key trust principles: security, availability, processing integrity, confidentiality, and privacy.
Are you a technology-based organisation that doesn’t handle financial data but does process or host other forms of data? This is the certification for you.
If you handle any amount of client data, SOC certification guarantees that you’ve taken all the necessary steps to protect your organisation against a data breach. It also adds value to your business by demonstrating to clients that you take cyber security seriously, giving you an edge over your competitors.
As a UKAS-accredited certification body, Centre for Assessment is perfectly positioned to help fortify your business against cyber threats. We’ll work with you to determine whether you need ISAE 3402 (SOC 1) or ISAE 3000 (SOC 2), and answer all your questions along the way.
Ready to get started? Call us on 0161 237 4080, or email firstname.lastname@example.org today.