A SOC 1, 2 or 3 (System and Organization Controls) is a type of audit report that attests to the trustworthiness of services provided by a service organization. It is commonly used to assess the risks associated with outsourced software solutions that store customer data online.
Many MSPs and IT Service Providers are being asked by clients and prospects if they have a SOC Report. Why? Well, the answer is simple. While you may think that your services are secure, would an independent 3rd party auditor? Maybe, but clients want assurance not doubts... Many clients and prospective clients especially if they control sensitive data or are in regulated industries such and Banking and Healthcare, must use providers that adhere to the same regulatory compliance and or security control requirements they do. They refer to this as falling under their" Vendor Management and Service Provider Oversight Requirements.” And it is the Clients’ responsibility to make sure all their providers meet these requirements.
However, if you have hundreds of providers how do you do that? You enter the SOC 1, 2 or 3 standards! The AICPA established this set of common criteria that all service providers should meet to be deemed safe and secure. So, when organizations engage with MSPs, they want to know how secure their systems and processes really are and will often ask that the MSP undergo a SOC 2 audit before engaging with their services.
Although most MSPs are asked for a SOC 2, there are actually four different types of SOC assessments that can be performed. However, the SOC 2 is generally the most accepted for an MSP. An MSP may elect to conduct a SOC 1 or a SOC for cybersecurity initially before graduating to a SOC 2, so having good advice in order to save you the headache and money is essential! eSureITy can help you select the SOC audit that's a perfect fit for your company to reassure your current and potential clients that yourcompany is secure, available, and confidential.
By pursuing SOC compliance, you will have a new sales and marketing tool that will help you better position your company as a leading MSP. There are many ways to incorporate your compliance into branding methodology and create sales opportunities. We always recommend that our clients leverage their SOC on their website, marketing campaigns solution briefs and marketing material, and we can show you how!
SOC compliance can give you the credibility you need to enter new markets and gain new clients leading to growth and success!Also, can your competition exhibit they have SOC compliance?! If not, you are already a market leader!