There is a major risk of data breach wherever records are stored digitally. This is why every organization which uses information technology (IT) devices, and has developed IT infrastructure must be mindful about the various laws, rules, regulations, and executive orders it needs to be compliant with to ensure data security. Further, the degree of security assurance it can offer its clients, business associates, even vendors and providers will also impact its image, especially for those functioning in the government sector, finance sector, healthcare, computing hosts, software as a service/system (SaaS), and providers and facilitators of cloud storage.
The Challenges Faced by Organizations
For most organizations, the real challenge began with the transition from paper records to digital records, regardless of the industry vertical they were operating in. It meant that robust systems had to be put in place to detect threats and deal with continuous changes in the environment ― technological and legal; stay compliant; assure continuity without allowing costs to shoot through the roof; ensure creation of data backups, and recovery in the event of a data breach is vital; organizations constantly look for means to do so to assure continuity in all processes without ruining the budgetary balance. Unfortunately, cybercrime is growing proportionately with technological advances. This means that every piece of data which is stored, and/or transmitted electronically is in ever increasing jeopardy.
Data Security Is a Top Concern for Organizations and Individuals Alike
For most organizations, what could keep the IT department, and top management awake at night would be how to ensure the security of financial transactions; learning whether any information regarding processes, or technological know-how is being viewed, or shared with unauthorized persons; prevention of leakage of proposal/s to merge, or to float/allot new shares among other things. The bottom line for most people outside organizations is that when they share personal data online, especially, their individually identifiable information ― sensitive information regarding age, gender, Social Security number, credit card details, geographic location, health issues etc.; they want to know how secure such data is.
IT Security Assurance ― Or Lack of It ― Could Make or Break Your Company
While it is not yet compulsory for any organization to offer security assurance; the benefits of actually doing so is incalculable. There is more to security management than threat protection, ensuring physical security of digital assets, data encryption, and risk and vulnerability assessment. Not just IT administrators, but most users also are aware of how critical it is to have access management in place. However, most users are not always aware of the consequences of bypassing such access restrictions, and how it can allow a hacker easy passage into the organizational IT network. This is why it is vital to have the System and Organization Controls (SOC) framework in place. While SOC 2 Type 1 audit will assess the design of the security processes at the time of the audit; SOC 2 Type 2 refers to how well, or otherwise, that design has worked over a period of six months or more.
Why You Must Get Your SOC Audited
Since it is a globally recognized framework to provide IT security assurance; it would be advisable that you not only adopt its standards, but get the SOC within your organization audited to establish that you have assured the security, availability, processing integrity, confidentiality, and privacy of all data moving through or stored on your servers. While SOC 1 is for Internal Controls over Financial Reporting (ICFR); SOC 2 is to assure cybersecurity. The reports generated by such audits are not meant for public disclosure. The organization which has such audits conducted utilizes the reports to take appropriate remedial action where need be. The main purpose should be to ensure that you not only have access controls to protect sensitive data; but have documented the necessary policies and procedures, and have trained all users in them too.
Reinforcing Confidence in Associates, Clients, and the Public in General
It is not just about filling security gaps. The more advanced IT service providers such as managed services providers (MSPs), data centers, cloud service providers, and SaaS companies need the SOC 2 protocol to establish their security credentials. The SOC 2 Type 2 audit reports demonstrate how well or otherwise the security systems of an organization are working, how effective they are in dealing with, and obviating threats, and the reliability of their controls. Therefore, any organization which functions in a highly regulated industry vertical, or has customers from such industry verticals, needs to demonstrate the Trust Services Principles. You simply cannot afford to get an audit done, and then forget all about it. These validations have a shelf life of a year, after which you will need to get your IT infrastructure’s security assurance revalidated.
Takeaways
- Digitally stored records are always at risk.
- While compliance is a major concern for organizations, IT security assurance is vital to garner, and keep client, associate, vendor, and public confidence.
- SOC is an internationally recognized framework for IT security assurance.
- Data security is not just about threat identification and management, or filling vulnerability gaps.
- Utilize SOC 2 audit reports to reinforce confidence in your organization.
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About the Author
Amit Sarkar (amit.sarkar@friggp2c.com) is the Founder of Frigg Business Solutions at Sheridan, Wyoming, USA, and Hyderabad, Telangana, India. A seasoned writer whose multiple articles have been published in HCCA and SCCE. He is a former CEO of a US Healthcare Regulatory Compliance service organization, and a senior global leader in HIPAA Compliance, IT Security, Risk Management, and Compliance Governance.
