In 2021, a hacker breached the security system of a water treatment plant in the US and attempted to increase sodium hydroxide levels in its water supply. The suspicious activity, however, was quickly reported. Had the hacker been successful, the attack would have caused severe health issues among thousands of people. Suspicious activities like this one, unfortunately, may not always be caught. We have several examples of such incidents, and vulnerabilities, even smaller ones, can be exploited to create havoc, which can cost us our health.
A Software-as-a-Service (SaaS) provider could provide you built-in security with their product. However, who verifies if the protection they provide has the capability to defend against all the attacks? Will it safeguard data of their customers? Can one ensure that the protection they provide is secure enough?
The solution to this is an attestation report, such as Service Organization Control 2 (SOC 2®), that will provide you with the much-needed seal of trust. While not many SaaS providers are SOC 2 compliant, it is increasingly becoming the need of the hour. Trinnex recently conducted and passed the SOC 2 assessment, and we are excited to provide fool-proof security to our customers.
But before we dive into its details, let’s see what SOC 2 assessment is, and why it is important for SaaS companies.
What is SOC 2?
SOC 2 is a widely recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). It focuses on evaluating and reporting the controls implemented by a service organization to ensure the security of customer data. For SaaS providers, being SOC 2 compliant demonstrates their commitment to security and data protection — a crucial component for any customer to consider before subscribing to a SaaS provider.
Why is SOC 2 compliance important for SaaS companies?
SOC 2 is more than a standard; it is an assurance to customers that their data is secure, and any vulnerability-related risks with the product that they are using, are mitigated.
Here’re the benefits of SOC 2 compliance:
- Elevated customer trust: SOC 2 compliance assures customers that a SaaS provider has implemented effective controls to protect their data. Verification by a third party, as part of SOC 2 assessment, enhances customer trust and confidence in the SaaS provider’s service, which is particularly important when dealing with sensitive or regulated data.
- Competitive advantage: In a crowded SaaS market, being SOC 2 compliant can give a provider a competitive edge. The attestation demonstrates a commitment to security and differentiates them from competitors who may not have undergone such rigorous evaluations.
- Regulatory compliance: Many industries and jurisdictions have specific regulations and compliance requirements regarding data protection and privacy. SOC 2 compliance helps Trinnex, and other SaaS providers, meet some of these requirements and align with industry best practices.
- Risk management: SOC 2 audits assess the effectiveness of controls related to data security, availability, and privacy. By identifying vulnerabilities and weaknesses, Trinnex will continue to proactively address these issues and mitigate risks before they turn into serious incidents or breaches.
- Internal improvement: Going through the SOC 2 compliance process enables SaaS providers to evaluate their own internal controls, policies, and procedures. It helps them identify areas for improvement and enhance their overall security posture.
- Business partnerships: SOC 2 compliance is often required by larger enterprises and organizations when selecting SaaS vendors. By being SOC 2 compliant, SaaS providers can expand their potential customer base and form partnerships with organizations that prioritize security and compliance.
Trinnex is now SOC 2 compliant
Trinnex recently passed the SOC 2 assessment, which means a third party has verified that our processes have cybersecurity incorporated at all levels. Trinnex’s applications are reviewed, tested, and approved prior to launching in the production environment, and with the SOC 2 seal, our customers can be assured that we indeed take due diligence with their data.
SOC 2 compliance, however, is not a one-time achievement. It requires ongoing efforts to maintain and demonstrate compliance through regular audits. SaaS providers need to implement and monitor effective controls, document policies and procedures, and continuously assess and improve their security practices to uphold the SOC 2 standards.