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What Is SOC for Cybersecurity? Why Do You Need It?

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soc for cybersecurity is a market-driven, adaptable, and voluntary reporting structure. This security measure enables enterprises to share information about their cyber security risk management programme.

Boards of directors, management, investors, consumers, and other stakeholders of enterprises of all kinds, whether public or private, are becoming alarmed by the increasing cyber security threats.

Many businesses are particularly concerned about cyber-attacks. SOC for Cyber Security is designed specifically for their support

In this article, we will describe SOC for Cyber security in detail, as well as its components and objectives.

Why do you need SOC for cyber security?

One must understand that cybersecurity is not just an IT problem. Instead, it is an enterprise risk management problem that requires a global solution.

Cybercrime is reportedly up 600%, yet the problem has been slowly worsening for years. As you may be aware, a data breach results in increased costs for mitigation, but more importantly, it causes you to lose the trust of your customers.

You must prevent that at all costs, and SOC for Cybersecurity can help you.

This robust reporting framework and related criteria can be used by organizations to improve cybersecurity risk management reporting.

Cybersecurity Objectives

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A SOC for Cybersecurity report offers businesses objective reassurance. But what good does this do to your company? This reassurance ultimately leads to empowering decision-making. Also, it ensures that the systems, procedures, and controls are in place to handle a cyberattack.

Senior management, the board of directors, analysts, investors, and business partners can all get the report. The cybersecurity objectives are based on:

  • Operating environment
  • The entity’s mission
  • The vision of the general business goals set by management
  • Risk profile

For example:

1. A telecom company can set a cybersecurity goal to ensure the reliability of the parts of its operations. These security goals are regarded as essential infrastructure.

2. A company that promotes online dating is likely to consider securing the privacy of the personal data it collects about its users. It will be regarded as crucial to achieving its operational goals.

What are the components of the SOC for cybersecurity report?

The three components of the soc for cybersecurity report are:

1.  A description of the entity’s cybersecurity risk management programme

This description of this risk management programme aims to inform readers on:

  • How the entity classifies its information assets
  • How it manages the cybersecurity threats that threaten it
  • The security procedures that have been put in place are being implemented to protect the company’s information assets.

Users can comprehend the conclusions made by management in its statement. Also, the practitioner can follow the information in their report by placing it in the proper context provided by the description.

The management uses the description criteria. These criteria, in turn, are employed to create and assess the entity’s cybersecurity risk management programme.

2. Management’s assertion

The second component is a management assertion. This assertion can be made at a particular time or for a predetermined period.

The assertion addresses explicitly whether:

  • The presentation of the description aligns with the description criteria.
  • The controls within the programme successfully achieved the entity’s cybersecurity objectives.

3. Practitioner’s report.

The practitioner’s report comprises the third element. This component offers an opinion that connects to the examination’s topics. The opinion also addresses whether:

  • The presentation of the description aligns with the description criteria.
  • The controls within the programme successfully achieved the entity’s cybersecurity objectives.

 SOC for Cybersecurity VS SOC 2

SOC 2 reports and SOC for Cybersecurity reports differ significantly. The differences can be regarding scope, purpose and usage, and controls.

But even if your company currently has a SOC 2 Report, a SOC for Cybersecurity report may still be an intelligent choice.

Here are some of the contrasting features between SOC for cyber security and SOC 2:

SOC FOR CYBER SECURITYSOC
A more specific SOC for Cybersecurity report gives organizations objective assurance. The emphasis is on the necessary systems, processes, and controls to be in place to deal with a cyberattack.  A SOC 2 report evaluates third-party service providers’ data management practices. Moreover, it focuses on information security procedures for particular business units or services.  
SOC for Cybersecurity can use any cybersecurity framework already in use by the organization. Therefore, it lacks a specific baseline for evaluation.The SOC 2 examination, on the other hand, provides reports on the AICPA’s Trust Services Criteria for several users. Security, accessibility, processing integrity, confidentiality, and privacy are some criteria.
The SOC for Cybersecurity is available to everyone. It is appropriate for stakeholders who want to know that the cybersecurity objectives are well-designed.SOC 2 has a limited and skilled audience. It provides specific information on security processes for active service organization users.  
Sensitive information is not included in the SOC for Cybersecurity. This is because it is broader in scope and developed for a larger audience. For instance, it might be published on your company website for public display.A SOC 2 report may collect sensitive data that should only be disclosed to a specific audience since it includes the Trust Services Criteria and the auditor’s controls testing results.

Similarities

 Even though SOC 2 and SOC for Cybersecurity have different objectives and uses, they are similar in output and structure.

  1. Both give high-level assurance to:
  2.  organization’s internal cyber security management
  3. information security measures objective, 
  4.  Both SOC audits must be carried out by an independent CPA (Certified Public Accountant).
  • Both reporting formats maintain:
  • The components of management’s description of the criteria
  •  Management’s statements
  •  Practitioners’ official opinions

 Additionally, a variety of enterprises can apply both cybersecurity frameworks. The precise requirements of the company’s clients and business partners will determine how they should be used.

Also See: What Is Cloning In Cyber Security?

Conclusion

Organizations are under more and more pressure to show that they are managing cyber threats. These threats could interrupt operations, cause losses in money, or damage their brand. Therefore, companies must prove to have robust systems and controls.

SOC for cybersecurity effectively uses procedures and technology. The purpose of the Security Operation Center (SOC) is to monitor and enhance the business’s security posture continuously. This is done while preventing, detecting, analyzing, and responding to cybersecurity issues.