With most of the workforce either furloughed or working from home until the quarantine for COVID-19 can be lifted, many small and medium businesses are taking the opportunity to work on internal infrastructure projects. Security and compliance are two areas where organizations are turning their focus right now as part of their strategies to focus on these internal programs.
Now is the perfect time for small and medium businesses or startups to begin or perfect their SOC 2 compliance programs. We’ve outlined a few of the reasons why below.
SOC 2 Compliance Is Only Going to Get More Important
Startups and other firms are taking a long-term perspective and realizing that, no matter where the economy is in six months, security and compliance issues aren’t going anywhere. In fact, given their previous growth trajectories, they may be bigger and greater projects than they were before. Customers who were asking you about SOC 2 compliance before the quarantine are still going to be asking about it after.
As one example, a growing question during the COVID-19 outbreak is how organizations are managing personal data, especially when it comes to healthcare. Several organizations are trying to develop a way to track outbreaks and exposure to the virus through cell phone movement, for instance, but are having to prove that they can do so anonymously without endangering personal health information. This is particularly important in Europe, where the General Data Protection Regulation stipulates strict terms on the usage of personal data.
By starting or perfecting your SOC 2 compliance plan now, you can help avoid security risks that could make you unattractive to customers once they’re ready to buy your service or product.
A Business Slowdown is the Perfect Time to Work on SOC 2 Compliance
While your team may have been ready to work in a fully remote capacity before the pandemic, there’s a good chance that many of your customers weren’t quite as prepared. Business has slowed down in many sectors as less tech savvy teams are trying to figure out how to implement security while providing their teams with tools that can allow them to work from home effectively. At the same time, many organizations are waiting to make big software investments until after the economy has returned to normal. All this means that a good chunk of your workforce may be twiddling their thumbs, too, with no customers to work for.
This presents an ideal situation to hunker down and focus on your compliance program. Instead of having team members work on it when they have time, you can assign tasks with confidence to be addressed now. You can increase the number of employees who are well-versed in the program, and even have some time to determine who may be best to carry it out. You might be surprised at which members of your team show competence in compliance issues, now that they have the time and resources to fully focus on the program.
Remote Work and All Its Trappings are the New Normal
Working from home can uncover a number of issues in your regular processes and workflows. For instance, internal communications may have hit a snag because individuals can’t have a quick chat while making coffee in the morning if everyone is making coffee in their own kitchens. Hopefully, your organization has found ways to adapt to these new issues, especially since remote work is going to be the new normal for a long time going forward.
As your team settles into remote work even further, more of these issues are going to be brought to light. Imposing a compliance program like SOC 2 on them now can help you remediate the issues and outline a way to address them in the future. It’s a very practical way to get your program in place, while producing results that will make your workflows better now and in the future.
At Practical Assurance, we are working with a number of small and medium businesses to take advantage of the current downtime to help set up compliance programs for a successful audit once the quarantine is over. In this way, teams can hit the ground running when the economy bursts back to life in a few months. Practical Assurance has software that can act as the road map to create a full SOC 2 program with a step-by-step guide. We can also offer ongoing services to help your team stay compliant year over year. And we offer consulting packages for organizations that may need hands-on guidance.
If you’re ready to use the current situation to work on your SOC 2 compliance program, get in touch with us for a free demo today.