What is SOC compliance and why should you care? Data breaches cost four point $88 million on average in 2024. Making data protection a must. Clients expect MSPs to keep data safe, but compliance isn't one size fits all. Let's talk about how these frameworks help businesses protect data and meet client expectations. Before we begin, be sure to subscribe to Ninja One's IT Video Hub for more tech content like this. What is SOC compliance? SOC stands for system and Organization controls. It's a set of audit reports that proves your company has real systems in place to safeguard customer data. It's proof you're not improvising your cybersecurity. Why? It matters. When clients share sensitive data, they expect it to be secure. SOC compliance assures them you have policies and protocols, not just good intentions. Here are the different types of SOC compliance. SOC one focuses on financial reporting controls. On the other hand, SOC two covers security, availability, processing integrity, confidentiality, and privacy. Finally, SOC three is nearly the same as SOC two, but it is publicly shareable. For marketing purposes, You should know that SOC is just one of many compliance frameworks. Others include GDPR, hipaa. ISO and P-C-I-D-S-S each designed to guide data handling responsibly. What's a SOC audit? Let's explore what a SOC audit is. A SOC audit conducted by a certified public accountant checks if your systems meet SOC standards. This is to prepare. Gather policies, review weak spots, and partner with a certified auditing firm. When should you care if your business handles client data? In soc? Audit shows you're serious about protecting it. It builds trust, boosts credibility, and often becomes a competitive advantage. Let's see the perks and challenges of in SOC compliance framework. The perks SOC helps build real enforceable data protection systems. Also, audits expose weak spots so you can fix them before problems occur. Finally, SOC certification builds trust and helps retain customers. The challenges, however, it's complex in meeting multiple requirements can be confusing. Certification requires effort planning, and sometimes expert help. It can also be costly. SOC audits can range from $5,000 to $60,000, not including preparation costs. For more information, check out our official blog post on SOC compliance linked in the description below.