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How to Manage your Customers’ Digital Security Requirements

How to Manage your Customers’ Digital Security Requirements

Middle market companies are being asked to complete detailed security and IT infrastructure questionnaires by their biggest and best customers. For many organizations, the requests are becoming much more frequent. The completion of these digital security questionnaires requires time of senior IT and Security resources; time which could be spent much more productively elsewhere.

Cybersecurity concerns are being embedded in the enterprise risk management procedures and policies of a growing number of companies. This has caused many large and middle market companies to institute vendor management policies that require all organizations that they partner with and that have access to their data and systems to demonstrate that they have instituted robust digital security protocols.

How can companies satisfy the cybersecurity vendor management requirements of their biggest and best customers without continually tying up the time of their senior IT and security people? How can companies clearly communicate to potential new customers that they have implemented robust digital security practices, thereby giving them a competitive advantage in the marketplace?

The answer to both of these questions is a third party security audit report known as a SOC 2. SOC stands for Service Organization Controls and SOC 2 audit reports address Security, Confidentiality, Processing Integrity Availability and Privacy relative to a company’s acquisition, processing, storage, transport and access to customers’ data and systems.

A SOC 2 security report, which is accompanied by an opinion of a licensed third-party service auditor, addresses the cybersecurity concerns of your customers and will eliminate the need for completing multiple security questionnaires. Having a SOC 2 security report will also position a company to attract larger customers. Successful completion of a SOC 2 report enables the company to display the SOC logo on all communications, digital and print. This illustrates to the marketplace that your company has embraced digital security and is poised to expand their business to the next level.

Withum is at the forefront of SOC 2 security consulting and auditing. We have devoted considerable resources to develop our dedicated SOC 2 Services Group. Our SOC 2 team has extensive experience in digital security in a broad range of environments and industries. Tony Chapman, CPA, CITP, who is practice leader for the SOC 2 Group, is one of the 32 SOC Specialists in the country. As a matter of fact, Withum has more SOC Specialists on staff than any other firm in the nation.

To ensure compliance with U.S. Treasury rules, unless expressly stated otherwise, any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

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