Managed service providers carry a few additional burdens that many traditional IT companies don’t. Because the products and services of a managed service provider are used by different businesses, often in different industries, there is a balancing act between managing their own security needs and the needs of their clients. Different responsibilities, requirements, and approaches could fundamentally change how an MSP offers services.
Cyber threats aren’t new, but hackers have increasingly turned their attacks on vulnerable managed service providers and their clients. With the data that managed service providers store for those clients, they are a treasure trove for attackers who would use that data to attack those clients, or the MSP itself, with malware and ransomware.
Introduced in 2011, Service Organization Control (SOC) reports are becoming more and more popular in data security and compliance discussions with every passing year, especially SOC 2. But what is a SOC report? Which one do you need? Why is a SOC 2 report so important?
There are three types of SOC reports, which are “designed for the growing number of technology and cloud computing entities that are becoming very common in the world of service organizations,” according to ssae16.org. If a SOC 1 report handles the financial transactions a company makes, SOC 2 reports on the security behind those financial transactions, making it more relevant than ever in the growing wake of credit card fraud and data breaches.