The Business Case for a SOC 2 Report
Why Companies Choose to Obtain a SOC 2 Report
What is a SOC 2 report? A SOC 2 report represents one of the fastest growing and most popular forms of providing Information Assurance over a company’s information System to prospects, clients, partners, and other stakeholders.
In an age where third-party due diligence is a business imperative, organizations are increasingly being pressured by regulators and other stakeholders to conduct due diligence on their partners and vendors. This often comes in the form of annual security questionnaires and requirements for vendors to fill out a vendor security packets. In an effort to streamline this time-consuming and lengthy process, organizations often accept or require third-party assurance reporting, such as SOC 2, or information security certifications, such as ISO 27001, in lieu of or as a complement to other vendor risk management requirements.
For the companies seeking to streamline the sales process and reduce barriers to doing business, obtaining a SOC 2 report provides at least three important value points:
- 1: It gives companies a way to communicate their security story to their key stakeholders
- 2: It satisfies vendor assurance requirements
- 3: It helps companies to implement good governance and mature their security program
Such value points help companies to streamline sales, build confidence in their information systems, and support the next stage of growth.
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