The Crucial Role of SOC 2 Reports
Thanks to OCSC Platinum Sponsor Withum for this valuable information about System and Process Assurance:
A SOC 2 To Satisfy?
As organizations rely more and more on vendors, undergoing a Service Organization Control examination resulting in a SOC 2 report can help real estate service providers demonstrate security strength.
The risks associated with using third parties continue to evolve, with multiple hands touching data from its origination point to its final destination. If you are a custodian of your customers’ data, or you are using your systems to process your customers’ confidential information, it is not uncommon to be questioned about your security practices.
Security Questionnaires
For years, service providers have been inundated with security information questionnaires from customers to better understand policies, procedures, and processes in place within the security domain. This is not a new practice and is commonplace – but are customers in the current security landscape treating this as doing ‘enough’?
In short, the answer is that it depends. A long-term user of vendor services is going to have more robust monitoring over its service providers. A user in the infancy stage of its security program, on the other hand, may be satisfied with a service provider’s responses to a security questionnaire. Trending across organizations in the space, however, is a lingering question when service providers complete security questionnaires for customers – “Am I, the customer, persuaded by the comforting text that this vendor has sent to me?”
Dry Steak or Fish in a Can?
Picture yourself in a restaurant looking at the menu while trying to decide which meal you are going to order. The restaurant has the goal of making money from your food order, and the restaurant will likely have a bias toward its own menu. You’ll never see a restaurant note in its own menu to avoid the steak because it’s dry or to stay away from the sushi because...
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Contact OCSC Platinum Sponsor Withum to learn more about their services. For Technology and Emerging Growth Services contact Allen Goh, Technology & Emerging Growth Services West Coast Team Leader - allen.goh@withum.com, Matt Greco, Marketing – mgreco@withum.com, or Brenna Liana, Marketing - aliana@withum.com and learn more at https://www.withum.com/industries/technology-services/ For Life Sciences companies, contact Taryn Bostjancic, Life Sciences Practice Leader - tbostjancic@withum.com and learn more at https://www.withum.com/industries/life-sciences/
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