With increased scrutiny and regulations surrounding cybersecurity, it's a topic that is “talk of the industry.” Developed by the American Institute of Certified Public Accountants (AICPA), the SOC for cybersecurity is designed to assist organizations by providing an extra assurance that the cybersecurity program under review meets expectations and is operating effectively.
When Do You Request a SOC for Cybersecurity?
There are a couple of times you may want to request a SOC for Cybersecurity report.
First, this may seem like an obvious reason, but you can request one if you want to evaluate the effectiveness or maturity of a vendor’s cybersecurity risk program.
Second, you may want to request the report if information technology is a critical component to the creation or delivery of the vendor’s product or service.
Do You Need to Request a SOC for Cybersecurity?
In short, the answer is no. You do not need to request a SOC for cybersecurity. And, even if you do request one, you may find the report is unavailable as it’s a voluntary audit. Not every vendor will have one as organizations aren’t mandated to do so.
What Are My Options?
With that said, if a SOC for cybersecurity is a necessity in order for you to feel comfortable doing business with a vendor, then I recommend you write it into your vendor contract as a service level agreement (SLA).
By doing so you’re setting expectations upfront and guaranteeing the vendor will provide one for as long as you engage in business together.
Although you do not need to request a SOC for cybersecurity, keep in mind that the report helps verify a vendor’s cybersecurity posture and efforts are effectively reducing cybersecurity risk. Given how important cybersecurity soundness is, it may not be a bad idea to make the request. However, that said, the SOC for cybersecurity audit has not taken off as a “must have” since it’s availability in 2017, so don’t expect many of your vendors to have the report yet.
Get a better understanding of your vendor SOC for cybersecurity reports. Download the Infographic.