How SOC 2 and ISO 27001 Create Business Value for Your Organization
For many, compliance is more than a legal necessity. More and more organizations now use compliance management as a way to create business value.
In our 2022 Compliance Benchmark Report, we surveyed more than 700 cybersecurity, IT, quality assurance, internal audit, finance, and other professionals about their compliance programs. Our findings indicated that an increasing number of organizations are now using SOC 2 reports and ISO 27001 certifications as a way to increase revenue and win new business.
The Factors Driving Compliance Programs
When we asked survey respondents about the key factors driving their organization’s compliance programs, the top three responses were:
- Increase revenue / win new business
- Meet board and C-level mandates
- Fulfill regulatory requirements
It’s no surprise that C-level mandates and regulatory requirements are a top driver of compliance programs. Executives and board members are legally required to oversee their organizations’ compliance programs, along with routinely taking action to mitigate compliance risks. Plus, several industries are legally required to abide by certain standards. HIPAA, for instance, is a federal law designed to ensure the security of healthcare patient data. 56% of our survey respondents were either planning, or already in the process of gaining, HIPAA compliance and 32% of respondents deemed HIPAA as one of their business’ most important services.
A whopping 63% of the organizations surveyed have conducted an audit or assessment to help increase revenue or drive new business. Organizations are continuing to take note of the strategic advantage compliance offers — as customers are increasingly concerned about cybersecurity risks and emboldened to ask partners for assurances that their data and information is secure.
Our team looked into what report or certification helps close the most deals and saw that SOC 2 is the most requested report or certification. That may be the reason why more than two-thirds of our survey respondents (67%, to be exact) said they were either currently completing a SOC 2 audit or had one scheduled within the next year.
Why SOC 2 and ISO 27001 Are So Valuable
Applicable to all industries, SOC 2 and ISO 27001 are two of the most effective cybersecurity frameworks. Pursuing a SOC 2 report or an ISO 27001 certification (or both) can help increase trust with customers, prospects, and partners.
A SOC 2 audit is performed to ensure an organization is able to securely manage their data in order to protect the privacy of both the organization and its clients. Most customers and partners want to know the steps an organization is taking to protect their data and they want to see that their process is validated by a trusted, independent auditor.
Our experts recommend proactively completing a SOC 2 audit before a customer asks to see a report. Scheduling an audit and having a report on-hand when a prospect asks for one will prevent you from delaying important deals.
ISO 27001 is a certification organizations use to ensure they have an effective cybersecurity program in place. This international standard focuses on data confidentiality, integrity, and availability. Having an ISO 27001 certification showcases your organization’s commitment to data protection.
By building a culture of information security and diligence, organizations can reduce security incidents through implemented controls that are specific to their unique risks. Customers and partners will also feel more at ease entering a deal where the organization they want to work with has proven their dedication to risk management.
Unlock Revenue Through Compliance
Cyberattacks remain on the rise and, despite looming economic uncertainty, organizations will continue to invest in partners who prove their commitment to cybersecurity. That’s why compliance audits and attestations continue to be a valuable differentiator for organizations looking to woo new clients — or simply protect their own data and information.
A-LIGN is the top issuer of SOC 2 reports in the world, having completed over 5,000 assessments for organizations across the country. We are also an accredited ISO 27001 certification body and can assist your company in leveraging compliance audits to strategically position you for success with customers and prospects.
Want to unlock revenue through compliance? Contact A-LIGN today!