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Why SOC 2 Matters for Your Business

By August 21, 2020 No Comments
SOC 2 Compliance business data

Companies already know that data is the most valuable resource in the world. The world economy can’t survive without data and information. However, some cybercriminals are trying to steal this data. They are looking for ways to monetize this data by using illegal means. Thus, every company needs to protect their valuable data assets. In this article, we are going to talk about the importance of SOC 2.

The expanding modern threat landscape:

According to a report by Cybint, more than 62% of businesses have experienced social engineering and phishing attacks in the last year. You can see terms like ransomware, social engineering, and hacking in the news. This shows the rise of cyberattacks. Hackers are doing everything to steal data. There are various ways to monetize this data. Thus, hackers can make quick money by stealing your data.

They can sell this data to other companies. Also, they might get valuable data like bank account information, intellectual property, and pin numbers. Your data might not be valuable to other people. However, it will always stay valuable to you. Hackers know about this fact and they are using ransomware attacks for encrypting corporate data. Companies need to pay ransom for getting the decryption key. You can’t operate your business without your data. Thus, it is very important to protect your data from these attacks. Sometimes hackers will delete your data even after you have paid the ransom. There is no guarantee that they will provide a decryption key to you.

An important business decision

Most SMBs are working with an MSP. Experienced MSPs like Bleuwire can help you in managing and designing your network. They will help you in managing your data security. Also, they will ensure that your data is always accessible. Thus, you can access your data whenever you need it. They will also protect your data from criminals.

It is very important to choose an experienced managed IT provider. This is going to be a very important decision for your business. It is similar to other critical decisions you take in your file. For example, you won’t get surgery from a surgeon until they have a certification. Similarly, you won’t give your money to any financial provider until they have been verified by an independent certifying authority.

IT security is another very important and specialized filed. Your IT partner will be the difference between business success and business failure. You need to think about the consequences of a data breach.

A data breach will affect your business reputation. It will become very difficult to recover from a data breach. Most of your clients will leave your company as they have entrusted their data to you. You need to think about the costs of downtime also. Companies can lose millions of dollars due to downtime. Also, most companies can’t afford to pay data ransom. The average cost of data ransom in 2020 was $85,000. Your business will be exposed to various lawsuits due to a security breach.

These are the dire consequences of a data or security breach. Thus, you should ensure that you are working with a qualified MSP. Only experienced MSPs like Bleuwire can protect your data from attackers. You should look for an IT provider that can handle security or data breach. They should have enough experience. Also, they should be competent enough to deal with IT security.

Test your IT provider’s competence

There is a very simple method to check the competence level of your IT provider. This test will ensure that your IT provider can manage your data. It is known as the SOC or System and organization controls 2 certification.

Your IT provider needs to first have enough operational, technical, and training investments. They will then engage with a third-party auditor. The auditor will certify their expertise and competence. This is going to be a very expensive endeavor for your partner. An MSP must have a good degree of knowledge, process reengineering, and operational excellence.

Experienced MSPs will always have this certification. This certification will show their clients that they meet all the necessary industry standards. They can protect their client data that they are hosting on their network. It also demonstrates that your IT provider can provide process-driven and technical security that your organization. They can help you in protecting your data from attackers.

There are various things an MSP needs to do for getting this certificate. First, they should ensure that their systems are protected. Their systems should always be operational and available. Also, they must provide complete, timely, authorized, and accurate services. All the confidential information that they are storing should be confined within their network. All the personal data that they are gathering should be destroyed after some time.

In simple words, you should look for a SOC 2 certified MSP. They can help you in creating a secure IT environment.

What SOC 2 means for modern businesses

If you are working with an MSP, then you are buying various services that are technical. For example, you might be looking for business continuity solutions. But, you won’t know about the tech-savvy points about these solutions. It will become very difficult to check if you are getting the right solution.

The best way to answer this question is by looking for a seal of assurance. A third-party auditor will check if your provider is delivering good services. They have enough expertise to test their services. Thus, you will always get good services. You will work with an IT provider that can help you in maintaining your IT infrastructure. They will also help you in protecting your It network and data.

The cyber threat landscape is also evolving with time. Your customers will surely ask you for assurance before handing over their data. You need to prove that your systems are completely secure. Also, you need to prove that your vendor’s systems are secure. Thus, a SOC 2 certification is very important for your MSP.

Conclusion

You can’t risk data security in the 21st century. Thus, you should look for an MSP that can deliver you the best services. They should help you in building and maintaining your It infrastructure. Also, they should help you in protecting your systems and data. If you need more information regarding IT security services, then you can contact Bleuwire.

Contact us today to learn about Bleuwire™  services and solutions in how we can help your business.

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