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What all Businesses Should know about a SOC Audit

April 03, 2014

How a SOC report can give service providers a competitive advantage.

Today, many companies are outsourcing business activities to cloud-based vendors. The use of cloud services is increasingly becoming a part of everyday business, providing a solution that reduces costs, increases performance and makes better use of valuable resources. Keeping data secure and safe is a top priority especially as businesses place their data in the hands of third-party vendors. Additionally, these third-party vendors need to confirm that they can be trusted with their clients’ data to safely secure and protect their confidential information.

Why a SOC Audit?

As businesses become increasingly reliant on the outsourcing of technology and operational functions to third party providers, they have really taken on the additional risks of their outsourced partners. The company is not only exposed to the risks of the service organization, but also those of the customers of the service organization itself.

Both the Service Provider and Company Benefits

A service provider can benefit from a SOC report by leveraging the report as evidence that they are practicing safe and secure controls in order to service their clients better. If your company is considering hiring a service provider, they should ask to review the vendor’s SOC report prior to engaging them so that they have a full understanding of the organization’s controls and the risks associated with their services.

To find out more about why service providers should consider a SOC report and to learn the differences between each report, download our latest whitepaper now or contact Henry Silva, CPA for more information 401-274-2001.

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