Why SOC 2 Compliance Matters

Is your organizational data in good hands?

As companies continue to aggregate larger and larger volumes of data, data security becomes of greater and greater significance. This is where SOC 2 compliance comes in.

What is SOC 2?

SOC 2 is an auditing procedure specifically designed for cloud-based service providers that ensures secure management of cloud-based data.

Using the American Institute of Certified Public Accountants’ (AICPA) five Trust Service Principles, SOC 2 reports ensure that data systems meet industry security standards. The five principles that SOC 2 compliant systems must meet are industry-recognised standards for cloud service providers, software providers and developers, web marketing companies and financial services organisations.

Secure, confidential, and safely stored data

Beyond simply meeting industry standards, SOC compliance provides assurance to existing and future customers that their information is secure, confidential, and safely stored.

Technology companies are expected to be SOC 2 compliant, particularly when they store customer data in the cloud. This is particularly the case in the Software as a Service (SaaS) sector.SOC 2 compliance means that a company has established and follows strict information security policies and procedures.

“Organisations need to prove to customers that their data is secure. They need to show that a strong control environment is in place. They also need to show that there is the same level of control and oversight of third parties who hold or access that data.” (PwC)

What are the 5 Trust Service Principles?

SOC 2 requires that companies meet strict information security policies and procedures that encompass 5 separate parameters: security, availability, processing integrity, privacy, and confidentiality of customer data.

Security – The system is protected against unauthorized access, both physical and logical.
Availability – The system is available for operation and use as committed or agreed.
Processing Integrity – System processing is complete, accurate, timely, and authorized.
Confidentiality – Information designated as confidential is protected as committed or agreed.
Privacy – Personal information is collected, used, retained, disclosed, and destroyed in conformity with the commitments in the entity’s privacy notice and with the criteria set forth in Generally Accepted Privacy Principles (GAPP).

“We recognize that information security must be baked into everything that we do.” – Phil Crompton, Vantage Technology Consulting Group

Strict control and oversight for ongoing security

The first layer of organizational data security rests upon its infrastructure. DataRails is SOC 2 compliant, meaning you can confidently safeguard your data with a vendor you can trust.

SOC 2 certification is a rigorous process and requires the maintenance of long-term practices that ensure ongoing security of data.  DataRails’ compliance assures the secure nature and operation of your cloud infrastructure, giving you the peace of mind that your sensitive data is in good hands.

About DataRails

DataRails is an augmented intelligence platform that empowers each finance professional to independently work with data to deliver actionable, data-driven insights. Finally, count on numbers you can trust and reduce inefficiencies without having to change how you work. With DataRails, strengthen the connection between finance and operations to drive better organizational decisions.

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