Organizations that undergo a SOC for Cybersecurity examination will obtain a report on the effectiveness of their cybersecurity risk management program from an independent CPA firm. The report can be presented to the organization’s board of directors, analysts and investors, business partners, industry regulators and customers and will demonstrate whether the organization has effective cybersecurity controls in place to achieve its cybersecurity objectives.
The following could be potential users of a SOC for Cybersecurity report:
Members of an organization’s board of directors who need information about the cybersecurity risks the organization faces and the cybersecurity risk management program that management implements to help them fulfill their oversight responsibilities. They also want information from independent third-party assessors that will help them evaluate management’s effectiveness in managing cybersecurity risks.
Analysts and investors may benefit from information about your organization’s cybersecurity risk management program. This information is intended to help them understand the cybersecurity risks that could threaten the achievement of an organization’s operational, reporting, and compliance (legal and regulatory) objectives and, consequently, have an adverse impact on an organization’s value and stock price.
Business partners may need information about an organization’s cybersecurity risk management program as part of their overall risk assessment. This information is intended to help business partners determine matters such as whether there is a need for multiple suppliers for a good or service and the extent to which they choose to extend credit to an organization.
Customers and industry regulators may benefit from information about an organization’s cybersecurity risk management program to support their oversight role.
About Schneider Downs
Schneider Downs employs a unique approach to SOC reports, integrating the expertise of information technology, internal audit and external audit professionals. By combining cross-disciplinary knowledge and project management expertise, we are able to effectively deliver on our clients' expectations. If you are interested in learning how we can assist your organization, please contact us to get started or view more SOC FAQ's.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.