3 Ways a SOC2 Compliant MSP Improves Network Security & Cloud Services

3 Ways a SOC2 Compliant MSP Improves Network Security & Cloud Services

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Jed Fearon

Solution Advisor, 17+ years of experience in MSP Solution Development, Sales and Marketing Communications

Fewer than 1% of MSPs have SOC 2 Type II Certification.

When you partner with a managed IT services provider, you not only depend on them to protect your information, but you also need assurance they’re supported by and connected to reliable third-party cloud and IT service providers.

In today’s hyper-converged IoT world, you’re only as strong as your weakest cloud. If a cloud provider is breached, there’s a good chance several hundred or thousands of their clients are compromised as well.

According to Justin McCarthy of strongDM, “SOC 2 (Systems and Organizations Controls 2) is a framework designed to help software vendors and other companies demonstrate the security controls they use to protect customer data in the cloud. These controls AKA Trust Services Principles include security, availability, processing integrity, confidentiality, and privacy.”

Let’s explore three ways this elite accreditation can benefit your organization.

#1 - SOC 2 saves time.

SOC 2 auditing requires a substantial investment: $30,000.00 to $100,000.00 per year.

Ninety-nine percent of MSPs don’t have the scale or financial might to undertake this dynamic and comprehensive project every year.

Do you have heightened concerns about the safety and privacy of your data? If so, you can immediately eliminate a majority of the MSPs from your search criteria every time you want to consider a change. And interview three pre-qualified contenders instead of ten.

Learn More: SOC2 Audit Costs

#2 - SOC 2 drives innovation.

Annual SOC 2 evaluations have timelines that span three to twelve-months. Some reviews last eighteen months.

Instead of offering a quick snap-shot, the MSP is under a microscope that captures the health and wellness of a dynamic moving target.

Preparation for outside scrutiny pushes IT providers to replace antiquated equipment and applications at a quicker pace than their clients. This exercise allows the MSP to fully vet (and recommend) the latest offerings, including but not limited to:

  • Cybersecurity awareness training
  • Compliance reporting software
  • vCISO as a Service
  • Multi-Factor Authentication (MFA)
  • Single-Sign On (SSO)
  • Workstations with SSD hard drives
  • Desktop as a Service
  • Encryption
  • Security information and event management (SIEM) solutions

Learn More: What is SIEM?

#3 – SOC 2 lowers your risk.

When auditing teams scour the IT systems, processes, procedures, and security controls of an MSP, they prequalify the service provider on your behalf.

This multi-faceted examination increases transparency because every quality control objective is captured in extensive, detailed reports MSPs can present for client or prospect review.

Further, IT providers who invest in SOC 2 compliance usually embrace a host of other frameworks: SOC 1, NIST CSF, HIPAA, PCI, NYDFS, GDPR, and more. Some or several of these security and compliance programs will apply to your business.

Learn More: SOC 2 Compliance Peace of Mind

What’s Next?

The MSP business has changed a lot over the last twenty years, especially the last ten.

The industry has undergone a host of changes driven by cybersecurity and regulatory concerns that are forcing MSPs to pivot or get left behind.

It’s nearly impossible for a break-fix IT guy or an MSP with ten people to keep up. Can your MSP keep up with you? Do they have supporting evidence?

Learn More: SOC2 Compliance

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