Benefits of Achieving SOC2 Compliance

The average cost of data breaches had a significant jump recently, reaching an average of $4.45 million. Most of the affected data seems to be shadow data, which makes it difficult to track and safeguard.

Even with these growing data security concerns, achieving SOC 2 compliance has been demonstrated to be beneficial in managing the security infrastructure of an organization.

What is SOC 2 Compliance?

SOC 2 is a cybersecurity compliance framework developed by the American Institute of Certified Public Accountants. Unlike other information security compliance frameworks, SOC 2 requirements are different for every organization.

Each organization has to formulate its own information security guidelines, as long as they guarantee the security, privacy, availability, confidentiality, and integrity of the clients’ data. 

Benefits of Achieving SOC 2 Compliance

SOC 2 compliance comes with numerous benefits. SOC 2 compliance helps in the following ways:

1. Improve Your Brand Reputation

Achieving SOC 2 compliance can improve your brand reputation immensely. Clients are more likely to view your organization as reputable, and concerned with securing their data and important identifiable information such as credit card details.

With enhanced brand reputation comes additional advantages such as an enhanced competitive edge among your competitors. 

2. Avoid Data Breaches and Ensuing Costs

SOC 2 compliance stresses on using the right tools and best practices to enhance the security of the organization’s data and safeguard sensitive information. In the era of big data, information is one of the key assets in your organization, and guarding this asset is essential.

SOC 2 compliant organizations limit the chances of violating the integrity of the sensitive data which can result in financial loss or even lawsuits. This is such a huge financial saving as the organization takes a proactive measure instead of waiting to deal with the consequences of a data breach. 

3. Save Costs

SOC 2 compliance often overlaps with other information security regulatory frameworks such as HIPPA and ISO 27001:2022. SOC 2 stresses on security, confidentiality, privacy, availability, and integrity of the organizational data, just like HIPAA does.

It means that if you are SOC2 compliant, you’ve already complied with these other information security requirements, saving on the cost of operations and potential fines from other regulations. 

4. Improve Operational Efficiency

Without a SOC 2 compliant report, your team will have to deal with endless security questions and scrutiny from every potential customer. Most customers, from individual clients to large organizations want to know how you are prepared to protect their sensitive information.

A readily available SOC 2-compliant report demonstrates that you are prepared to handle the clients’ data safely. This can accelerate customer onboarding and improve customer experience. The reduced time duration can translate to improved operational efficiency. 

Final Words

Ready to take your IT experience to the next level? At SWIF, we are dedicated to providing the best IT solutions for the new-generation global workforce. Our resources are designed to provide personalized IT solutions to your team, removing unnecessary hassle for your IT team.

We are now SOC 2 compliant and guarantee the data integrity and security of your sensitive information. Partner with us today to streamline your IT operations and handling of employees’ devices.