SOC 2 Compliance Software

LogicManager’s comprehensive SOC 2 Compliance solution package helps your organization take a risk-based approach to achieving this critical security benchmark.
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What is SOC 2 Compliance?

Service Organization Control (SOC) reports are becoming more and more relevant in data security. These reports empower organizations to identify cyberattacks and remediate them before irreparable damage has been done. But a SOC report also helps organizations meet critical regulatory requirements.

If you provide any services as a third party, you’ve likely been requested by a customer at some point to provide evidence of SOC 2 compliance. Offering this evidence is a way to provide them with confidence that you’ll manage their data securely and protect their organization.

LogicManager’s SOC 2 compliance solution package automates and streamlines the security practices required by SOC 2 reports so your organization can operate with confidence that its financial information is secure.

SOC 2 Compliance Risks

Negligence is 100% avoidable – but once you’re found guilty of it, the fees associated with hiring lawyers, consultants and internal specialists skyrocket quickly. Remaining in compliance with SOC 2 (and having a software that documents your due diligence efforts along the way) helps prevent negligence.

Another risk you’re facing by neglecting SOC 2 compliance is missing out on potential customers; many companies and individuals look to ensure that their service providers are keeping their information safe. They’ll often ask for a SOC 2 compliance report, and if you cannot provide one,  they may go elsewhere. 

This inadvertency can also turn away existing customers. In addition to incident and negligent legal liabilities, the loss from customer non-renewals and cancellations is significant: it’s estimated that the total average cost of a data breach is $3.8 million.

Benefits of LogicManager’s SOC 2 Solution Package

Achieving SOC 2 compliance is the best way to ensure your customers’ information is safe and secure. LogicManager will help you determine which SOC 2 requirements apply to your organization, design controls to meet those requirements, monitor their effectiveness and report on your program.

Additionally, while many organizations don’t want or need to be SOC 2 compliant themselves, they still need to ensure that their vendors are SOC2 compliant. If this describes your business, it’s critical to know that your information is protected; but this can be a cumbersome process. LogicManager allows you to easily automate this evidence collection.

Benefits of Achieving SOC 2 Compliance

There are five Trust Services Principles, or criteria, that comprise a SOC 2 report: security, availability, processing, integrity, confidentiality and privacy. There are multiple benefits to each principle:

Security

Data security is consistently threatened at each and every organization, so having sufficient physical and electronic controls in place to protect sensitive information is critical. Being able to provide evidence of these controls, monitor incidents and document security measures is critical to managing ongoing threats.

Availability

Does your organization provide services that other businesses rely on? Do you rely on data centers or telecommunication companies? Availability to these services is central to maintaining business operations, and in order to meet Master Service Level Agreements and avoid major downtime, it’s vital to identify negative trends in data availability.

Processing Integrity

It’s critical to demonstrate your organization’s ability to honor agreements in a timely and consistent manner. This proves that you have the measures in place to provide complete, valid and accurate delivery of services.

Confidentiality

Just because information isn’t technically considered PII/PPI does not mean that it isn’t confidential. One of the benefits you’ll experience using LogicManager for your SOC 2 compliance needs is the ability to document and verify that you have the technical and procedural means to honor MSAs, DSAs and other contractual agreements that may include data confidentiality clauses.

Privacy

To avoid fines and build confidence with customers and stakeholders alike, it’s important to build their trust. One of the most critical steps in building trust is by maintaining compliance with a variety of privacy frameworks (such a SOC 2).

Achieve SOC 2 Compliance with LogicManager

Here’s what you can expect with LogicManager’s SOC 2 Compliance solution package: 

  • LogicManager provides a comprehensive SOC 2 Compliance checklist of requirements, controls and testing activities from the AICPA that you can deploy into your own environment.
  • Customize LogicManager’s pre-configured SOC 2 risk assessments to gain enterprise-wide insight into risks that threaten SOC 2 compliance. These assessments help you to engage all departments and levels of your organization with intuitive, standardized risk assessments.
  • Achieving SOC 2 compliance means you’ve established a process with required levels of oversight across your organization. LogicManager helps you establish a risk tolerance so that you know what normal looks like. This also helps you easily detect emerging risks before they fall out of tolerance.
  • Automate recurring tasks for collecting evidence that you are actually executing on the things you say you are in order to remain in compliance (without the threat of human error).  
  • Demonstrate that sufficient alerting procedures are in place with LogicManager’s SOC 2 solution, where you can configure automated security alerts to inform affected parties of a security incident.
  • A number of other areas in your organization may need to be operationalized to keep you in compliance with SOC 2. LogicManager is a GRC platform that enables you to engage with Vendor Management, Business Continuity, Privacy Management, Incident Management, User Access Reviews, etc.
  • Maintain a detailed audit trail with a centralized risk management platform that enables you to capture all necessary information that arises out of a risk event. This better empowers you to determine root cause and uncover systemic risks.
  • LogicManager’s business intelligence reporting engine streamlines your reporting process. Generate pre-built reports with the click of a button, or work with your dedicated advisory analyst to create a custom report to prepare you for an external SOC 2 audit. Some examples include: 
    • Readiness Summary Report
    • Testing Activity Design Information
    • Narrative Testing Result Report
    • Testing Calendar
    • Incident Table Report
    • Incident Narrative Report

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SOC 2 Compliance Tools


Want to learn how LogicManager’s SOC 2 Compliance solution package can help transform your IT Governance program? Start by requesting a free demo today.

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