The first blog in this series ‘What is the ROI of a SOC report?’ asked the question: When your company suffers a cyber-attack, do you know what to do?
The answer to this question is crucial and depending on the impact of the attack, each minute of lost time could translate into thousands of dollars. While the method and impact of a cyberattack may vary greatly, one certainty exists. Prepared employees and organizations will be able to recover faster and be better equipped to prevent potential threats from inflicting damage.
Quick and effective responses to cyberattacks are imperative, but there are also other compelling reasons to obtain a SOC examination.
Question: Do customers or potential customers have voluminous lists of questions regarding your IT environment and cybersecurity?
Comment: If so, consider an independent third party providing an opinion on your Cybersecurity Risk Management Program potentially satisfying these requests and let your employees get back to their regular duties. Requests or questionnaires regarding cybersecurity can be very time consuming and could come up at any time. Site visits or information requests from the SOC auditor can be scheduled and worked into the regular tasks handled by employees. It is also more efficient to explain the process and provide documentation to the auditor rather than numerous times ask customers ask.
Question: Are clients requesting a SOC report?
Comment: SOC examinations are becoming a cost of doing business more and more as cyber-attacks happen more frequently and have more devastating impacts. Being able to assess the risk of doing business with your organization is increasingly important. SOC reports allow your organization to effectively communicate your dedication to a standard of excellence as well as your proactive approach to mitigating cybersecurity risk.
Question: How do you differentiate yourself from your competition? How do you stay competitive?
Comment: Competitors might have SOC examinations performed, giving them the edge. Maybe they do not have SOC examinations, allowing you to add to the list of your organization’s positive attributes. While SOC reports are not intended for marketing purposes, they provide customers with a level of assurance.
Question: What markets do you plan on expanding into and are they highly regulated?
Comment: When your organization sets its sights on doing business in a new industry or location, due diligence is paramount. Determining if a SOC examination is necessary prior to being asked for it by prospective customers can make a huge difference. Industries with significant regulatory or compliance requirements make SOC examinations a ‘must have.’
These comments give you an idea of how a SOC examination can be valuable to your organization. Watch for our upcoming posts, including:
‘How Can a SOC Report be Crafted to Meet the Needs of My Organization?’
‘SOC for Cybersecurity: Breaking Down the Report’
‘SOC 2: Breaking Down the Report’