SOC 2 compliance protects data confidentiality, integrity, and availability. But explaining how it works or why it matters to non-technical business leaders can be tricky. The security framework itself is complex. And the jargon involved can sound like a foreign language to the untrained.
The good news? You don’t need to drown anyone in technical details to get the message across. SOC 2 compliance will make perfect sense to non-techies if you explain the topic in plain English and tie it to business outcomes they can relate to. This blog post will show you how to do just that.
What Is SOC 2?
SOC 2 stands for Service Organization Controls 2. It’s a cybersecurity standard created by the American Institute of Certified Public Accountants (AICPA) to help companies handle data responsibly.
If a business follows SOC 2 requirements, it uses security best practices to keep sensitive information safe, private, and accessible only to the right people. That’s because the framework is based on five cybersecurity principles:
- Security: Protecting your systems from unauthorized access
- Confidentiality: Keeping sensitive information private
- Privacy: Handling customers’ personal data in line with privacy laws
- Availability: Keeping your services up and running whenever customers need them
- Processing integrity: Making sure your systems operate as intended without errors or manipulation
When a certified public accountant (CPA) firm audits your business and confirms that you follow these principles, you’ll receive a compliance report (SOC 2 certification). This serves as official proof that your security practices are up to standard.
Why Executives Should Care About SOC 2 Compliance
Business leaders can easily dismiss SOC 2 as a subject that only IT people should worry about. As a cybersecurity professional, it’s your job to show them the business advantages of the security standard. Why is SOC 2 worth it?
Here are the biggest SOC 2 business benefits:
- Builds customer trust: According to PwC’s 2024 survey, 79% of customers say that protecting their data is one way a business can earn their trust. Following SOC 2 principles prevents unauthorized people from obtaining customer information. This tells clients their data is safe in your company.
- Reduces costly cybersecurity incidents: The average cost of a cyber breach globally is $4.88 million, a high price tag for any organization. SOC 2 compliance prevents cyber attacks. The money that would have gone to breach mitigation and recovery can be used for growth.
- Sharpening your competitive edge: SOC 2 certification is an international benchmark representing robust security, service resiliency, and safe data management practices. SaaS companies can use it as a selling point that sets them apart from competitors who haven’t implemented the framework.
How SOC 2 Impacts Trust, Sales, and Business Growth
According to Forrester, competence, consistency, and dependability are the main trust levers of B2B buyers. SOC 2 compliance can help you demonstrate these qualities to customers.
For one, it’s proof of strong cyber defenses that customers can rely on to keep their information safe. SOC 2 principles, like availability, tell enterprises your SaaS services will be consistently accessible throughout their partnership with your business. And the ability to achieve all these demonstrates competence.
But what is SOC 2’s sales impact? Since SOC 2 compliance shows that a SaaS product is safe, it can help retain existing customers and attract potential clients who prioritize security when choosing a vendor. This can boost sales and growth.
How To Present SOC 2 Progress to Leadership
When implementing SOC 2, don’t bore executives with every technical detail. Just focus on what the progress means for the organization. Some things you can present include:
- The implementation stage (planning, readiness assessment, auditing, etc)
- How compliance will help win deals or meet customer demands
- Security gaps you’re closing throughout the implementation and how that protects the business
- When to expect the full SOC 2 report and how the certification will benefit the organization’s bottom line
SOC 2 Compliance Made Easier
SOC 2 compliance is complicated, and many business leaders are not familiar with it. But just because something is complex doesn’t mean it’s unattainable.
With cybersecurity advisory services from an experienced, dependable compliance partner like Trava Security, setting up the SOC 2 framework is easy and fast. We have a 100% success rate in helping our customers achieve security certifications and meet standards relevant to their industry.
One client we helped is Chain.io, a platform that enables its customers to integrate their supply chain systems. The company chose a GRC tool to implement and manage SOC 2 compliance in one place. However, the organization’s leaders realized compliance technology alone wasn’t enough to achieve their goal. To address this challenge, Chain.io partnered with Trava. Our team provided additional expertise to streamline their business compliance strategy and help them meet all SOC 2 requirements.
Learn more about our compliance services to see how we can help your organization with cybersecurity compliance today.