Managed services providers (MSPs) who demonstrate evidence of implementing information security best practices and maintenance of data privacy are chosen as preferred partners by major businesses globally. For every managed services provider offering third-party IT services, SOC 2 Attestation is the prime requirement in present times. System & Organization Controls, although it is a voluntary security compliance standard, has invaluable benefits for service organizations or managed services providers.
Let us review the benefits of SOC 2 Audit and Attestation threadbare:
- Reputation of the Organization
SOC 2 Attestation is strong evidence of all the necessary controls related to information security implementation to prevent any information security breach. This has enhanced the organization's reputation and standing.
- Competitive Advantage
SOC 2 Attestation establishes an edge over competitors in the managed services industry. A service organization that successfully achieves a SOC 2 audit report or attestation remains a competitive and preferred choice.
- MSP Differentiator
Service organization holding a SOC 2 audit report and achieving SOC 2 attestation becomes a market differentiator, broadly dividing the managed services into information security compliant and non-compliant organizations
- Service Improvement
By successfully undergoing a SOC 2 audit, service organization can improve security controls and efficiency in operations. By implementing best practices in information security and data privacy, the service organization improves the quality of services.
- TSC Assurance
SOC 2 audit report and attestation assure customers that the service organization has met established Trust Service Criteria, viz. security, availability, processing integrity, confidentiality and privacy.
- Preferred Service Oragnization
SOC 2 attested service organization guarantees information management security and privacy maintenance. Consequentially, such service organizations are consistently preferred by most global outsourcing customers.
- Operating Effectiveness
All controls' Operating effectiveness is tested for at least six months in a type 2 audit. So, SOC 2 Type II audit reports validate a service organization’s operating effectiveness on a yearly basis. - Regular IT Security Evaluation
SOC 2 Audit & Attestation mandates the evidence of IT security management every year. SOC 2 Type 2 audit report validates regular IT security evaluation.
- Standard Compliance
Leading information security and data privacy standard compliances like ISO27001, NIST 800-53, GDPR, HIPAA, FISMA, and GLBA are similar to SOC 2 compliance regarding control objectives. Complete adherence to SOC 2 audit requirements can optimize the Service organization’s overall regulatory compliance efforts.
- Qualitative Insight
A SOC 2 report provides qualitative insights into a service organization’s risk and security posture, resource management, process planning, data processing and storage
Conclusion
Effective management of Information security and regular maintenance of data privacy is validated by SOC 2 audit report and attestation. Using the type 2 audit report, the service organization establishes a competitive advantage, market differentiation, a preference for improved services, and an enhanced brand reputation. SOC 2 benefits the managed services organization to grow its market share, enhance its standing among the MSPs, and remain competitive over a long period.