Why SOC Auditors Are Essential For Your Business Compliance

People trust businesses with incredible volumes of data these days from their names and phone numbers to their social security numbers and bank accounts. In many cases, companies have to share that information with others to effectively do business. Being careful and responsible with that data is crucial. Consumers expect it, and it’s required by law.

That’s where SOC auditors come into play. They help ensure that companies are handling people’s sensitive information properly. In doing so, they help keep companies operating withing the latest laws and regulations and give consumers peace of mind. They’re essential for business compliance for several reasons.

What Do SOC Auditors Do?

SOC auditors assess how businesses manage data security, privacy, and operational integrity. They conduct in-depth evaluations based on guidelines from the American Institute of Certified Public Accountants. During audits, they examine companies’ data storage and processing systems as well as those of any partners that may handle consumers’ information. Their goal is to ensure that the systems and processes a business uses meet security, confidentiality, and integrity criteria.

Why Are SOC Audits Essential for Businesses?

Keeping customers’ information safe is important in virtually every industry, but it’s particularly essential in finance, healthcare, the legal sector, and certain other arenas. Organizations that govern those industries, along with federal and state authorities, tend to require proof that companies are handling sensitive information properly. SOC audits provide that proof. That’s only one factor to consider, though.

Building Trust Among Consumers

Today’s consumers are painfully aware of how vulnerable their sensitive information is. Recent reports indicate that millions of Americans are affected by cyberattacks and data breaches each year, and those incidents can have serious, long-lasting repercussions. An SOC report that shows a business is operating in compliance with the regulations that are designed to keep consumers safe can go a long way toward allaying their fears and building trust.

Reducing Risks

SOC auditors don’t just ensure companies are operating in compliance within data security regulations. They also identify potential security risks and offer recommendations for improvements. That helps companies understand weaknesses in their systems and find ways to strengthen them. With that being the case, SOC audits can aid in protecting businesses and their customers against cyberattacks, data loss, and many other problems.

Working Toward the Future

Additionally, an SOC audit can help a company work toward the future. Cybersecurity risks are only going to increase and evolve moving forward. Companies need to be ready for those changes before they take place. SOC audits can help them do just that. They’re an ongoing process that ensures businesses are in compliance now while also unearthing potential risks and giving them ways to bridge developing security gaps. As such, they can help companies stay a step ahead of the latest threats so thwarting new dangers isn’t quite as difficult down the road.

Keeping Businesses and Consumers Safe Now and in the Future

Many business leaders believe that they’re in compliance with cybersecurity regulations and their measures are strong enough to thwart attacks. Unfortunately, only a small portion actually meet the expectations that are placed on them, and even fewer are fully protecting themselves and their customers. SOC audits can turn the tables. They identify potential weaknesses and help businesses improve upon them. They also provide verified proof that companies are in compliance with industry regulations, which can give consumers reassurance that their sensitive information is in good hands.