The implementation of thorough security measures offered by the American Institute of Certified Public Accountants’ (AICPA) Service Organization Control (SOC) 2 compliance is increasingly important in today’s digital landscape. An organization that is SOC 2 compliant is providing assurance that the appropriate security measures are in place to protect both company and customer data.

For any organization that collects, stores or processes confidential data, SOC 2 compliance has a variety of positive benefits, both tangible and intangible.

1. Establish Trust: Compliance with SOC 2 standards demonstrates that an organization is dedicated to safeguarding confidential data related to customers, vendors, and other third-parties. SOC 2 compliance provides a third-party assurance that all data management processes and procedures are secure and reliable, ultimately lending to the organization’s reputation of trustworthiness.

2. Measurement of Security Practices: The SOC 2 Examination Report provides a comprehensive assessment of security practices and measures that are employed throughout an organization. This helps to identify any potential vulnerabilities in data and process security. Having this insight helps to address any gaps before they become an issue.

3. Cost Savings: Establishing security protocols that meet SOC 2 standards helps to reduce the likelihood of a breach and the related ramifications that can come with it. This could include regulatory fines, reputational damage, lost revenue, and related technological expenses.

4. Alignment with Regulations: With SOC 2 compliance being widely accepted as a suitable security measure, compliance allows organizations to keep up with applicable laws and regulations.

For organizations that wish to attain and maintain SOC 2 compliance, resources like SOC 2 Reports and Dashboards are available. These resources help organizations to monitor the status of their security protocols and provide an effective way to self-manage security standards within the organization.

As the digital world evolves, so is the importance of security and the implementation of SOC 2 standards. In order to protect customer data, organizations must make SOC 2 compliance a priority. There are a variety of tangible and intangible benefits to achieving SOC 2 compliance in an effort to ensure the security of both company and customer data.