At Wowrack, protecting customer data is a core mission. With more businesses depending on third-party providers for essential IT infrastructure, maintaining trust and security is crucial. Having recently completed the SOC2 Type II/SSAE 18 audit, Wowrack reaffirms its dedication to data protection and operational excellence.
What is SOC2 Audit?
SOC2 audits, such as the one Wowrack recently completed, provide independent verification that a service organization’s information security practices meet the industry standards set by the AICPA. The audit focuses on five key areas: security, availability, processing integrity, confidentiality, and privacy. The SOC2 report evaluates if the organization’s control systems are properly designed and functioning in alignment with the standards established by AICPA for these five key areas.
What is SOC2 Type II?
SOC2 Type I evaluates whether internal controls are appropriately designed at a particular point in time, while SOC2 Type II takes it a step further by assessing how effective those controls are over an extended period, usually 6 to 12 months. This comprehensive audit offers deeper insight into the consistency of a company's security practices, assuring clients that the service provider maintains high standards for data protection and operational reliability over time.
What Does SOC2 Type II Ensure for Service Providers?
As mentioned previously, SOC2 Type II ensures that service providers follow strict guidelines in five key areas. These principles guarantee that customer data and systems are well-protected and reliable. Here’s how SOC2 ensures compliance across these areas:
Security
Ensures systems are protected against unauthorized access to safeguard both organizational data and operations.
Availability
Verifies that systems remain operational and available as agreed, ensuring consistent uptime and performance.
Processing Integrity
Confirms that systems perform their intended functions correctly, delivering accurate and timely results as required by the organization's objectives.
Confidentiality
Guarantees that sensitive data is protected and shared only with authorized parties, in accordance with the organization's defined standards.
Privacy
Ensures that personal data is collected, used, and retained in compliance with the organization’s established regulations.
Why Wowrack SOC2 Type II/SSAE 18 Matters for Your Business
Completing SOC2 audit means a lot to Wowrack as it manifests a serious commitment to uptime, security and customer's data privacy. Those three aspects are integral to Wowrack as it is part of the company's mission to continuously improve services to its customers—to you.
Additionally, this attestation does not stop at benefitting Wowrack for it also benefits its customers. There are, at the very least, four benefits that you can get.
Guaranteed Security Practices
In times when digital adaption in business continuity practices accelerates faster than ever, cyber threats are also becoming a bigger problem. However, one of the newest trends provides an interesting fact about the issue.
A 2021 study by Accenture reports that 35% of security breaches are now dominated by ransomware, targeting weak links in the supply chain or business ecosystem. In other words, even the slightest unsafe security practices potentially result in bigger problems than the cause.
By choosing a certified vendor that does not take security for granted, you are making one huge leap towards safer practices. This also mitigates the risks of receiving indirect as well as indirect cyberattacks.
Improved Trust from Clients
Growing concerns regarding collection, protection, and the use of personal information become a major issue for business. That, accordingly, does not only cover the practices, but also the infrastructure, used vendors, products, and services.
Based on a 2019 survey of 2,200 US adults by Morning Consult, 73% of the respondents agree that protecting personal data is the top deciding factor to trust a business. This scores higher than product usability (71%), product safety (70%), and customer service (68%). Ergo, the more a company conducts safe information practices, the more it likely to get customers' trust.
One way to let your customers know that you care about trust, security, and privacy is by letting them know that you do the same thing. The easiest way to do so is by choosing a reliable service provider. In so doing, certification provides evidence to the reliability of a service provider.
Above-standard Service Quality
Standards play a significant role in determining the quality of a service. They work as a basis for mutual understanding and guarantee of how a company will deliver a service.
For instance, take a look at AICPA-standardized SOC2 audit. This audit sets the bar for how a company must conduct the best information security practices, internally or externally. Consequentially, it is pertaining to how a company delivers and maintains a service quality.
Once a company passes the assessment, this means that it has followed all the criteria of a good service delivery and practice. A result of an audit also works as a warranty of the best version of services that you will get.
Peaceful and Secure Digital Collaboration
A lot of companies—and probably yours as well—relies on digital collaboration to run their business. Especially, during the pandemic, we have seen that digital collaboration has skyrocketed exponentially. The same goes for cyber threats.
According to PwC's 2022 Pulse Survey, cyber ranks as the top business risk, with 40% of respondents identifying an increase in both the frequency and scope of cyberattacks as a major concern. It is especially true with the current business condition that relies heavily on digitalization. In addition, these threats do not solely target people who are working from home. They, however, also target the very IT infrastructure of a company in many ways possible.
For that reason, by choosing a safe and reliable IT service provider, you are indirectly helping yourself mitigate these cyber risks. A proven-to-be reliable provider conducts every security practice securely to get rid of your pain points worrying of not being able to enjoy your digital collaboration.
Conclusion
In today’s digital world, protecting client data is essential for both regulatory compliance and building client trust. Wowrack’s successful completion of the SOC2 Type II audit reflects our deep commitment to maintaining top-tier security, reliability, and service quality. This achievement reassures clients that their data is handled with utmost care and protection. By choosing Wowrack as your partner, your business takes a proactive step toward a secure and efficient IT environment, freeing you to focus on your core operations while we handle security and compliance. Trust Wowrack to protect your infrastructure as you grow your business.