What is a SOC for Cybersecurity report and who needs one?

Organizations that undergo a SOC for Cybersecurity examination will obtain a report on the effectiveness of their cybersecurity risk management program from an independent CPA firm. The report can be presented to the organization’s board of directors, analysts and investors, business partners, industry regulators and customers and will demonstrate whether the organization has effective cybersecurity controls in place to achieve its cybersecurity objectives.

The following could be potential users of a SOC for Cybersecurity report:

  • Members of an organization’s board of directors who need information about the cybersecurity risks the organization faces and the cybersecurity risk management program that management implements to help them fulfill their oversight responsibilities. They also want information from independent third-party assessors that will help them evaluate management’s effectiveness in managing cybersecurity risks.
  • Analysts and investors may benefit from information about your organization’s cybersecurity risk management program. This information is intended to help them understand the cybersecurity risks that could threaten the achievement of an organization’s operational, reporting, and compliance (legal and regulatory) objectives and, consequently, have an adverse impact on an organization’s value and stock price.
  • Business partners may need information about an organization’s cybersecurity risk management program as part of their overall risk assessment. This information is intended to help business partners determine matters such as whether there is a need for multiple suppliers for a good or service and the extent to which they choose to extend credit to an organization.
  • Customers and industry regulators may benefit from information about an organization’s cybersecurity risk management program to support their oversight role.

About Schneider Downs
SOC Services 

Schneider Downs employs a unique approach to SOC reports, integrating the expertise of information technology, internal audit and external audit professionals. By combining cross-disciplinary knowledge and project management expertise, we are able to effectively deliver on our clients' expectations. If you are interested in learning how we can assist your organization, please contact us to get started or view more SOC FAQ's.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2023 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

our thoughts on
What are the OCC’s Key Areas of Focus for Fiscal Year 2024?
SEC Charges SolarWinds and CISO Timothy Brown For Misleading Investors
Think Before You Click: Fake Browser Updates are Back in Style
Protect Your Manufacturers: 3 Common Cyber Attack Methods to Watch Out for in 2023
Protect Your Students, Faculty and Staff: 3 Common Cyber Attack Methods to Watch Out for in 2023
Protect Your Retail Business: 3 Common Cyber Attack Methods to Watch Out for in 2023
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us
Pittsburgh

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.

×