Security Blanket: What SOC 2 Means for WorkMarket & SaaS
"Private stuff is private stuff." - Shazia, "Crocodile", Black Mirror
Time to Get Real
In 2017 cybersecurity attacks shook the confidence of the public. Equifax reported the breach of an astounding 145.5 million consumer accounts and the Shadow Brokers unleashed WannaCry ransomeware, crippling computers running Mircrosoft OS across the globe. Recent news of Intel chips vulnerable to the Meltdown and Spectre bugs have inspired another wave of understandable concern. Enterprises and businesses realize they must adapt to security threats that are omnipresent, dynamic, and relentless.
Cybersecurity threats will continue to proliferate. According to Cybersecurity Ventures Reports, the damage inflicted by cybercrime is slated to reach $6 trillion annually in the coming years. The dangers from cyber attacks and old-fashioned human fallibility are potentially devastating. Companies of every size throughout every industry are getting real about securing the integrity of their data and privacy standards. SOC 2 compliance provides them with a reliable means of finding and managing that desired level of protection.
What SOC 2 Means to SaaS
A SOC 2 certification recognizes a high standard of diligence with regard to a business’s adherence to the Five Trust Principles: security, availability, processing integrity, confidentiality, and privacy of a system. SOC 2 compliance regulations and audits are conducted under the auspices of the American Institute of Certified Public Accountants (AICPA). A SOC 2 compliant designation for SaaS companies provides business partners and customers with peace of mind and confidence that their data and information is protected and secure.
In an evolving digital landscape where business is increasingly conducted in the cloud and through third-party partnerships, companies are naturally concerned about the safety of their data. Choosing which SaaS companies to collaborate with has a direct impact on their ability to maintain those critical security standards. For IT managers and CSOs tasked with the responsibility of building SaaS partnerships, SOC 2 compliance is a deal breaker. A SOC 2 certification acknowledges the professional legitimacy of SaaS companies, and serves as a testament of their commitment to the highest standards for security and privacy in the industry.
WorkMarket’s Culture of Cybersecurity
In January 2018, WorkMarket's dedication to security and protecting the data and digital assets of customers was substantiated by the successful completion of a SOC 2 Type II audit by the AICPA. The certification, issued by Coalfire, was awarded after a thorough assessment of WorkMarket’s internal controls and protocols throughout the period of July 1, 2017 to September 30, 2017.
“We are proud of the high standards we set for our software and our operating practices – as demonstrated by our SOC 2 attestation – which allows our clients to confidently leverage the advantages of the cloud as they evolve their workforce models” said Stephen DeWitt, former CEO of WorkMarket. “Our SOC 2 attestation is tangible reinforcement for enterprise leaders that our software is designed for their scale and security requirements.”
According to the AICPA, Trust Services help protect the public interest and build confidence that cloud-based computing systems are addressing key concerns of their customers. Recent surveys indicate that third-party validation is one of the most important steps toward instilling online trust in cloud-based SaaS.
To learn more about WorkMarket and ADP's commitment to security, please contact us.