Collaborating with managed service providers (MSPs) helps customer organizations worry a lot less about service management, service interruptions, system downtimes, and more.
Essentially, an MSP is responsible for managing your customers’ information technology (IT) infrastructure. But there are some that specialize in certain IT segments like remote firewall administration or data storage. In fact, some MSPs can even help an organization with staff shortages by outsourcing some of its tasks. And while it may not be the norm for some, most MSPs operate remotely over the internet.
However, choosing a reliable MSP to help your organization maintain high-level security is quite a difficult task. Checking if an MSP is SOC2 compliant is the first step towards securing your sensitive data in the long run. And that’s when Virteva enters the scene with secure and reliable IT solutions.
What Is SOC2 Compliance?
Developed by the American Institute of CPAs (AICPA), Service Organization Control (SOC) 2 is a compliance standard targeted at service organizations. As such, the client organization has the right to ask for an audit report if sensitive data is being entrusted to the service organization.
So, though it is not mandatory, service organizations are encouraged to undergo SOC2 compliance as it’s based on the following Trust Services Criteria…
- Security (a.k.a. The “Common Criteria”) to ensure the protection of the system against unauthorized access
- Privacy to ensure usage, storage, and deletion of personal data according to the organization’s privacy notice
- Availability to ensure the system is used and available according to the agreement
- Confidentiality to ensure the protection of confidential data according to the agreement
- Processing integrity to ensure the accuracy, validity, frequency, and authorization of system processing
As you can see, security is a common aspect in all five of the aforementioned criteria.
Further, an organization can customize the rules of SOC2 compliance according to its business requirements and practices. So, one can modify the controls and focus on a particular principle of trust.
Given below is a broad framework of the controls that cover the safety standards essential for a SOC2 compliant MSP
- Access controls to restrict unauthorized access to assets
- Change management for regulating IT system alterations and preventing illegal changes
- System operations to administer ongoing operations and identify discrepancies in organizational procedures
- Mitigating risk to help detect and alleviate risks while addressing their consequences on the business
Finally, the SOC2 report shows how the organization manages and secures its data. This information is relevant not just to the organization in question but also to its business partners, regulators, and suppliers.
Categories Of SOC2 Reports
Type 1 is the first stage that portrays the different systems in the organization and whether they adhere to the required trust principle s (listed above) at a point in time.
Type 2, being the second stage, gets into greater detail regarding the operational efficiency of each system over a period of six months.
Moreover, a SOC2 report contains the following…
- An opinion letter
- Tests of controls and the results of testing
- A detailed description of the system or service
- Optional additional information
- Details of the selected trust services categories
- Management assertion
Why Is SOC2 Compliance Important When Considering An MSP?
SOC2 compliant MSPs ensure strict security and responsibility in handling sensitive data. As a result, they’re adequately invested in protecting their clients’ information and offering security services. It’s safe to say that an MSP gains a better reputation and a competitive edge over others by pursuing SOC2 compliance.
For instance, if your organization has been attacked by hackers, it’s difficult to regain your clients’ trust. No prospects will be interested in your services, and you may even have to deal with lawsuits.
Hence, collaborating with an SOC2 compliant MSP will work like a branding tool to reposition yourself in the industry.
On the other hand, MSPs must know how to identify a quality audit. This is all the more important if your competitor is also SOC2 compliant, so you no longer have that competitive advantage. This is when a SOC2 audit report from a quality-driven and licensed firm helps an MSP reach prospects who are well aware of the relevance of SOC2 compliance.
How Virteva Has Achieved SOC2 Compliance
Virteva, formerly known as Crossfuze, is an MSP with the aim to help companies enjoy secure digital support. It specializes in Microsoft Cloud Solutions and consulting and advisory services, and offers 24×7 managed IT solutions. It further provides product and system integrations, dedicated account management, and an ever-evolving knowledge base to stay in tune with the latest digital solutions.
With 17 years of experience in the industry, Virteva has incepted three delivery centers and satisfied more than 2,000 customers. Consequently, it has successfully achieved the Service Organization Control (SOC) 2 Type 2 audit and maintains its standard with its commitment to customer security and privacy.