How can SOC 2 leverage MSP?

SOC 2 and MSP, what’s the connection? 

SOC 2 attestation is essential for businesses that manage or store data for US-based customers and business partners. It gives businesses an advantage over their competition. 

With SOC 2, a business can easily differentiate themselves in the market because they can identify and showcase to clients transparency and controls on how they protect their data as part of the service provided. This is the best way to improve overall security posture while managing to increase the value of your organization. 

So, how can SOC 2 leverage Market Service Providers (MSPs)? 

MSPs are responsible for three of the most important things in your company: the software, hardware, and network infrastructure. Knowing that your MSP has the right processes in place to provide reliable support to your organization’s operations is important. They need to follow the best industry practices to keep data secure. SOC 2 can help do that. 

SOC 2 is an auditing process that shows your MSP’s commitment to ensuring the security and privacy of your clients. A SOC 2 attestation can speed up the procurement lifecycle by reducing the amount of work IT departments and product specialists spend responding to security questionnaires. 

A SOC 2 report will show you everything you need from a technical perspective. This helps you focus your attention on the features, culture, and fit of the service provider to your organization. 

5 Benefits of SOC 2 for MSPs

  1. Save on overall cost. Everyone wants to cut down on costs whenever and wherever they can. Doing an audit is a cheaper alternative in the long run as you avoid million dollar lawsuits when your MSP is compliant. Data breaches are the most notorious ways to lose money as well as one of the fastest ways to get fined. 
  2. Improve overall security. Doing an audit helps to mitigate risks. You can easily answer risk questions and help your organizations overall compliance efforts from other regulatory bodies which can lead to winning new business. 
  3. Gain a competitive advantage. Being able to show clients that you have gone through a quality audit puts you at a definitive advantage over others that only have the standard audit process. A compliance audit shows that you are dedicated to protecting their data. 
  4. Get your ducks in a row. Your documents will be ready because while the audit is happening, you will be receiving documentation for your organization or business. This way, you meet legal and compliance challenges to prepare you for potential financial changes such as mergers. 
  5. Build a compliant culture. People will initially push back against all the initial security measures but eventually, people will realize the benefits of having a regular audit. When people see the value, they will start accepting and adapting it in their daily work life. Eventually, people will accept the compliant culture which will help your company to remain compliant in every aspect. 

Connor at your Service 

If you’re ready to take that step in making sure that your company meets all relevant security controls and data procedures to ensure that your customer data is treated with the utmost sense of urgency and privacy, Connor is at your service.  Partner with us and let us help you meet your security compliance needs. Let us help you adopt a stronger security and data privacy baseline.

If you would like to speak with our expert, please contact us at anthony@connor-consulting.com. You can also schedule an appointment at https://calendly.com/grc-sspa/soc2.