5 Unexpected Benefits of SOC 2 Attestation

Written by Sabrina Deakin | 08.08.2024 22:00:00

Why SOC 2 Is a Strategic Asset, Not Just a Box To Tick – With Expert Tips From PwC

The SOC 2 type 2 attestation is often viewed as a compliance checkbox, but it's much more than that. Sabrina Deakin, COO at Luware, sees the process as a powerful catalyst for organizational growth and improvement. Let's explore five unexpected benefits Luware reaped from the SOC 2 journey and gain valuable insights from our auditor, PwC.

5 Key Takeaways From Our SOC 2 Attestation

At Luware, we’re committed to delivering cloud-based customer service solutions that enhance business communication and prioritize security. Our cloud-based contact center and recording solutions, Luware Nimbus and Luware Recording, handle sensitive customer data, making trust and data protection paramount. To reinforce our dedication to safeguarding customer information, we successfully completed a rigorous SOC 2 Type 2 attestation without deviations for the second time in 2023. This commitment is driven by our understanding of the critical role we play in our clients’ operations and our unwavering focus on safeguarding the security of their information. Through this process, we gained valuable insights into enhancing our security posture, operational efficiency, and customer trust. These are five key learnings from our SOC 2 type 2 journey.

1. SOC 2 Benefit: Cultivate a Security-First Culture

The SOC 2 type 2 attestation goes beyond compliance, fostering a company-wide culture centered around defined processes and procedures for security and data protection. By clearly defining roles and responsibilities, and involving teams in the process, we were able to create a sense of ownership and drove innovation within the company.

2. SOC 2 Benefit: Optimize Operations for Efficiency

The SOC 2 journey often reveals hidden inefficiencies in processes and technology. By evaluating tools and strengthening risk management, we were able to identify and address operational bottlenecks, streamline operations, make data-driven decisions, and ultimately improve overall efficiency. For instance, the implementation of Standardfusion, our GRC (Governance, Risk, and Compliance) tool, and the establishment of a Security Operations team significantly contributed to these optimizations.

3. SOC 2 Benefit: Build Stronger Customer Relationships

A SOC 2 type 2 attestation can significantly enhance customer trust and loyalty. By positioning it as a powerful marketing tool and demonstrating a strong commitment to security and compliance, we were able to expand our market reach. Moreover, the improved security measures lead to higher service quality, ultimately resulting in greater customer satisfaction.

Obtaining a successful SOC 2® type 2 audit report was a compulsory requirement for our enterprise customers. For others, it is a powerful added incentive to choose our solution. The report has therefore opened up new revenue streams for us. – Sabrina Deakin, COO at Luware

4. SOC 2 Benefit: Drive Business Growth

A SOC 2 attestation can be a powerful catalyst for business growth. By differentiating ourselves from competitors, we were able to demonstrate a strong commitment to security and compliance, build investor confidence and open up new revenue streams.

5. SOC 2 Benefit: Foster Continuous Improvement

The SOC 2 journey is not a one-time event; it's an ongoing commitment to continuous adherence to internal processes and procedures, as well as enhancement of the status quo. By embracing a proactive approach to security and compliance, we stay ahead of evolving threats and build a resilient business capable of adapting to future challenges.

3 Tips for Obtaining the SOC 2 Attestation From Our Auditor PwC

We were confident in selecting PwC as our auditor due to their deep understanding of industry best practices and proven track record in performing audits that comply with rigorous standards like ISAE 3000, ISAE 3402, and the SOC suite. Their expertise aligns perfectly with our commitment to robust internal controls. PwC provided invaluable support throughout our SOC 2 journey. Their team's responsiveness, agility, and profound industry knowledge were instrumental in achieving our first audit report. These are three key insights which Ralf Hofstetter, Partner, Sustainability Assurance at PwC, shared with us.

1. SOC 2 Tip: Establish Strong Internal Controls

When outsourcing services, ensure that your company has robust internal controls in place for the functions that have been transferred to external providers. This is crucial for managing risks and meeting stakeholder expectations.

2. SOC 2 Tip: Take a Step-by-Step Approach

Implementing a SOC 2 framework can be complex. Break down the process into manageable steps, starting with a suitability assessment and gradually implementing necessary controls. This approach will help you maintain focus and achieve your goals efficiently.

3. SOC 2 Tip: It’s a Global Standard, Not Just a US Requirement

While initially driven by US market demands, European companies are recognizing the benefits of obtaining a SOC 2 report. This is due to its ability to:

Standardize security reporting: Providing a common framework for comparison.
Increase efficiency: Reducing the number of audits and inquiries from customers.
Enhance trust and market position: Demonstrating a strong commitment to security and data protection.
Open new markets: Facilitating business expansion beyond domestic borders.

Conclusion

While the path to SOC 2 Type 2 attestation can be challenging, the rewards are substantial. By viewing it as more than just a compliance requirement, organizations can unlock hidden benefits that drive growth, improve operations, and strengthen customer relationships. As the business landscape continues to evolve, organizations must prioritize security and trust. The SOC 2 framework provides a robust foundation for building a resilient and competitive business.

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