Ushur is proud to announce our SOC 2 Type 2 Compliance Certification.
The proliferation of Big Data has put data at the forefront of all business processes and decisions. Regardless of industry or field, generating, analyzing and interpreting data is crucial to success. However, the benefits associated with Big Data come with a fair share of threats as well. In order to use data to its peak potential and achieve the ultimate business goal of delighting customers, then data security must be a top priority. If customers cannot entrust their medical, credit, or identity details to a company, the company will run itself into the ground.
The insurance industry is especially susceptible to hackers and other security threats. Hosting the sensitive health, property, banking, and/or credit information to millions of people in single databases, insurance companies are vulnerable and easy targets for hackers who wish to swipe information efficiently. According to the FBI1, health insurance fraud costs the healthcare industry $80 billion annually while non-health insurance fraud costs $40 billion annually. Not only do these security breaches cost a fortune, but they destroy the customer’s trust in and relationship with the company (FBI2).
So, what can your company do to ensure that you meet your obligation to the customer to protect their privacy?
SOC 2 Compliance.
What is SOC 2 Compliance?
If you are outsourcing any processes or tasks to B2B companies and handing them your customer’s sensitive data, ask them if they are SOC 2 Compliant. SOC 2 Compliance is a stringent auditing procedure, in which technology-based organizations storing customer information in the cloud, are scrutinized for the most airtight and secure data protection practices.
During the auditing process, the company’s operational effectiveness is judged and assessed against the following criteria: security, availability, processing integrity, confidentiality, and privacy. Security policies are required to be written out, followed, and reviewed by auditors. The compliance report verifies that the company is meeting most if not all of the five criteria, and requires any lacking areas to be implemented and regulated after the compliance.
- Security: Are system resources are protected against unauthorized access? (i.e. firewalls, two-factor authentication)*
- Availability: How accessible are a company’s services, products, etc.? (i.e. performance monitoring, security incident handling)*
- Processing Integrity: Does the system achieve what it is supposed to? (i.e. process and quality monitoring)*
- Confidentiality: Does the data have limited access for certain groups? (i.e. encryption, firewalls)*
- Privacy: How does the system use, collect, disclose and store personal information? (i.e. access control, two-factor authentication, encryption)*
What does it guarantee?
A SOC 2 compliant company is guaranteed to:
- Monitor malicious and unknown malicious activity to cover all their bases.
- Implement notifications to combat security breaches and threats in a timely fashion.
- Incorporate detailed auditing trails ensuring that if an incident were to take place, the steps to remediation and improvement can be tracked in a transparent manner.
Why is it important?
Not only is it the Fort Knox of data security, but the SOC 2 Compliance procedure is also completely voluntary. So companies who willingly choose to go through the auditing process have data protection and security at the forefront of their priorities. Also, this process takes months of preparation, development, and auditing as well as several technological and human resources. Thus, the SOC 2 Compliance has grown into a symbol of how much a company cares about and prioritizes data protection.
Ultimately, a SOC 2 Compliant company guarantees that the security, privacy, availability, processing integrity, and confidentiality of your customer data is protected from any threats or dangerous activity. Choosing a SOC 2 Compliant company means putting your customers first – ensuring security to both your company and to your consumers.
Ushur is proud to announce our SOC 2 Compliance Certification. Your data security is our top priority, and with our SOC 2 compliance, we guarantee to adhere to the strictest and most trustworthy security practices.