SOC for Cybersecurity: Reliable Third-Party Attestation

As cyber threats become more sophisticated and pervasive, organizations must demonstrate robust cybersecurity practices to protect sensitive data and maintain stakeholder trust. Your suppliers, customers, and other stakeholders are keen to understand your cybersecurity program in order to evaluate risks associated with being affiliated with your organization.

Before we dive into the details, let’s clarify the “SOC” acronym. For many cybersecurity professionals, a SOC is a Security Operations Center, which is intended to protect an organization and its systems and data against cyber threats. This article refers to a System and Organization Controls (SOC) report focused on an organization’s cybersecurity risk management program. Many readers may be familiar with a SOC 1® or SOC 2® report, but probably don’t know about a SOC for Cybersecurity report.

What is SOC for Cybersecurity?

While there are many cybersecurity frameworks that can provide guidance for managing cybersecurity, the Association of International Certified Professional Accountants (AICPA) developed the SOC for Cybersecurity report to provide a standardized framework for assessing and communicating an organization’s cybersecurity risk management program.

A SOC for Cybersecurity report offers a reliable, independent third-party attestation of your cybersecurity risk management program and includes three sections.

• Management description: This section provides a narrative of your organization's cybersecurity risk management program, presented in accordance with the description criteria issued by the AICPA. It covers important details about your business, the types of information in use, risk assessment processes, governance of the cybersecurity program, objectives, monitoring, and controls.
• Management assertion: In this section, your management team will assert whether the description aligns with the established criteria and whether the controls within the program are effectively meeting your organization's cybersecurity objectives.
• Auditor opinion: An independent CPA provides their professional opinion on whether the description follows the required criteria and evaluates the suitability and effectiveness of your program's controls, based on the control criteria.

Benefits of a SOC for Cybersecurity Report

As the cyber landscape continues to evolve cyber risk is a key consideration and a SOC for Cybersecurity report evaluates an organization’s cybersecurity risk management program. Here are the benefits of a SOC for Cybersecurity report:

• Provides an independent attestation of cybersecurity risk management

The SOC for Cybersecurity reporting framework is an industry-recognized benchmark for measuring and evaluating the effectiveness and appropriateness of a cybersecurity risk management program. It offers the flexibility to select a control framework that best fits your organization, including but not limited to the Trust Services Criteria, ISO 27001, NIST CSF, and COBIT.

• Improves your cybersecurity posture

The formal attestation in a SOC for Cybersecurity report involves documenting your cybersecurity risk management program and evaluating its controls. Throughout the process, gaps are identified, and controls are evaluated, helping your organization become more resilient and better prepared to identify and handle cybersecurity threats.

• Enhances stakeholder confidence

The report gives you and your stakeholders a clearer understanding of your cybersecurity efforts by promoting greater accountability and enabling smarter decision-making across the organization.

• Supports management and board oversight

This report will help your leadership team with its oversight responsibilities by communicating information about the cybersecurity risks your organization faces, the risk management program you have in place, and the effectiveness of that program.

• Facilitates risk assessment

Attestation helps communicate cybersecurity risks in a clear, structured way, supporting your organization's overall risk assessment process and helping your leadership team make more informed, confident decisions.

• Helps attract and retain customers

The report benefits both your customers and your organization. It meets their needs while showcasing your strong commitment to cybersecurity and protecting customer data, which will you help you stand out from your competitors.

• Assists with your regulatory compliance and insurance needs

A SOC for Cybersecurity attestation can support your organization's compliance with data privacy and security regulations by providing valuable insights for insurance carriers during underwriting and risk assessment. This will help them better understand your coverage needs and potentially secure more favorable policy pricing.

Competitive Advantage and Peace of Mind

A SOC for Cybersecurity report serves as a vital tool for organizations to strengthen cybersecurity risk management programs and build trust with stakeholders. The report supports regulatory compliance, improves decision-making, and fosters confidence among customers, suppliers, and leadership. Adopting the SOC for Cybersecurity framework demonstrates a proactive commitment to safeguarding sensitive data, positioning organizations to thrive in a competitive environment while effectively managing cyber risks.

If you would like more information about a SOC for Cybersecurity report, please fill out the form to connect with our Technology, Risk and Compliance leaders.