SOC Report as the Best Proof of the Highest Quality

Dealing with large volumes of private data is the best testament to a company's success and the many challenges associated with managing security, privacy, and compliance. The SOC report on the effectiveness of internal processes can help with this – an essential tool for building trust based on business transparency.

What are SOC Reports?

Service Organization Controls, or SOCs, were developed by the American Institute of Certified Public Accountants, AICPA, in 2011 and refer to internal control systems in organizations. These reports are required to manage and monitor the security features built into the control database.

Today, obtaining a SOC report is equivalent to getting an independent auditor's assessment of the internal control system in companies following the COSO Internal Control-Integrated Framework.

The assessment criteria required to receive a SOC report include many factors, among which the most important are Security and Availability, Privacy and Confidentiality, Processing Integrity, as well as Controls related to financial aspects and cyber security.

A Little More about SOC Report Types

At the moment, there are three main SOC report types, each of which is important in its own way for obtaining data on internal business processes:

• 1 SOC report is intended to evaluate internal controls covering the processes of generating financial reporting of a business.
• 2 SOC report is designed to evaluate internal controls covering the terms of Security, Availability, Processing Integrity, Confidentiality, and Privacy.
• 3 SOC report (also known as SysTrust or WebTrust) is similar to SOC 2 but is intended for general publicity. Of course, it contains many less critical details, but it is an excellent tool for marketing purposes.

SOC Report and Cyber Security

As the number of cyber threats increased, AICPA responded promptly and expanded the capabilities of the SOC report with a business-wide cybersecurity risk management program. Thus, it has become a popular cyber security risk assessment tool, ideal for almost any company. It is also easily adaptable depending on the business model and services provided, making the SOC report example the best for establishing and maintaining trust between the service provider and customers.

Who Can Benefit from SOC Report?

The vast possibilities of various SOC report types and their transparency make them useful for many organizations, individuals, and legal entities, namely:

• B2B and B2C service suppliers who want to provide their current or future customers with confirmation of the high quality of internal processes from an independent expert
• Clients of outsourcing companies (especially IT), who need to know the level of Security, Confidentiality, and Privacy of their partner
• Internet service customers are interested not only in the level of Confidentiality and Privacy of their providers but also in the availability of the services they plan to use
• Clients of companies that interact with personal data (health and finance niches significantly benefit from this)
• Manufacturers of high-tech products, who need to confirm the high production quality at every stage

SOC Report Obtaining

The process of obtaining a SOC report example is no different from the usual activities of external auditors or consultants while evaluating any internal process. The expert meets with the staff, collects evidence of the effective functioning of the controls, generates a report, and sends it to the customer. The only difference is that the SOC report clearly defines the list of factors and processes that need to be analyzed and evaluated.

Plus, the customer can select SOC report types and domains covered by this report. Upon completion of the auditor's work, you can receive the final notification in the chosen format – physical or electronic.

SOC Report vs. International Certification

Like any other audit assessment, the SOC report reflects the situation at the current analysis, covering the activity history over a certain period. However, unlike international certification, obtaining and choosing SOC report types are not restricted. You are not required to undergo recertification to confirm compliance with quality standards, and you can order an audit at any time convenient for you.

In Conclusion: SOC Report is Best Guarantee You Can Prove

The times of absolute trust are long gone, and word of mouth is not the best promotional tool for the B2B segment and organizations that use personal data. In this case, a SOC report is not just "another independent assessment" but also guarantees reliable cooperation with your business.

Let MBS Tech Services guide you through becoming a reliable partner smoothly and seamlessly. Here you will find a variety of modern and high-quality cyber security solutions that will help you not only secure your business comprehensively but also gain complete control and confidence in the efficiency of internal processes!