The Merits Of Adopting ISO 27001/SOC2
In the world of technology and cloud computing, cybersecurity measures become an essential component of any organization. It requires firms to stay alert and be prepared if any data breach occurs. In this regard, the ISO 27001 certification and SOC2 compliance report are key indicators of the company’s cybersecurity readiness.
Both of these compliances have similar requirements. But why exactly do you need these reports? How can these reports benefit you? Let us find out.
Cybersecurity maturity becomes an important component of data security measures while dealing with a huge amount of client data. It helps to improve the company’s preventive measures against any security breach. It further helps in planning and readiness to deal with secure data if it gets breached.
A survey was conducted with 267 security operations practitioners as part of the Cyentia Institute Research Report. Only 20% of the practitioners said that their company had mature security models. SOC2 report and ISO 27001 certification are useful in fulfilling the company’s cybersecurity maturity goals.
These reports and audits essentially help the firm be better prepared to deal with such cybersecurity threats and mismanagement of important data.
With an ISO 27001 certification, the organization’s data is protected, covered by restricted access and does not land up in unauthorized hands. With a SOC 2 audit report, you are assured that any potential breaches would be highlighted to the organization before they make any significant impact on the client data, and the firm is well equipped to handle such breaches.
With these certifications, you receive actual data security that effectively protects company data and customer information from breaches or malicious activities with better-managed cybersecurity practices.
This increased business reliance provides better partner confidence and helps come up with risk assessment and management strategies. In effect, both these measures make the firm stronger in cybersecurity.
Peace of mind
An ISO 27001 certification or a SOC2 report indeed improves your brand image or reputation. But more importantly, such audit compliance provides you with a peace of mind that you lowered the risk of potential data breaches and other threats.
One of the primary benefits of adopting ISO 27001/SOC2 is the competitive advantage it provides to the vendor over other vendors. This, in turn, proves to be a competitive advantage for the vendors in question.
When pitching for a new client, having a SOC2 report audit, for instance, gives you an edge over the other competitors. This eventually proves to be useful for your business.
Overcome sale cycles
While trying to dive into the market of new clients, it is always an advantage to have secured cybersecurity practices that would indicate that their data will remain safe. But claiming that the practices are secured, and full-proof is not sufficient. And the client will always want to get the report and certification check done before getting into business with you.
This new process simply leads to longer sales cycles. This, in effect, translates to longer periods between following up a lead and converting it. Having a SOC2 report or ISO27001 audit performed in advance could save you this time and wrap up the deal in a shorter sales cycle. Of course, this also helps in improving your credibility in front of the customer.
Cheaper than a data breach
According to the 2020 Cost of Data Breach Report, the average cost associated with a data breach is estimated at $3.86 million. And this cost is on the rise with each passing year. This could adversely impact your business and hurt your finances.
On the other hand, planning and budgeting for the SOC2 audit and ISO27001 audit in advance would prove to be cheaper, while giving you peace of mind. For instance, a SOC2 audit or ISO 27001 implementation could cost the company thousands of dollars.
If planned and budgeted in advance, these costs could be dealt with more easily by the organization. This is much cheaper than going through a data breach and their related recovery costs.
The ISO 27001 certification and SOC2 reports are both effective proofs of your organization’s cybersecurity measures and readiness. These help you become market differentiators that act as an advantage with the clients. These certifications and reports also open up doors to industry-specific benefits like managed services, banking, and financial services and the likes. It is indeed a big advantage to be SOC2 compliant or ISO 27001 certification compliant.
Both of these reports have the ability to save time and money by helping the organization stay prepared ahead of time. Since both of these compliance requirements has overlapping requirements, you could do a combined project that takes care of both the factors.
GRSee Consulting is well equipped to handle SOC 2 compliance and ISO 27001 certification projects and could help you fulfill the combined requirement. Contact us to know more and take care of your cybersecurity measures with ease.