SOC (System and Organization Controls)
certification is a third-party verification process that assesses an
organization's control environment and determines whether its controls are
designed and operating effectively to meet specified objectives. The SOC
certification process involves an independent auditor conducting an audit
of the organization's control environment and issuing an opinion on the
effectiveness of the controls.
The main difference between a business with
SOC certification and one without SOC certification is the level of assurance
that the certification provides to customers and other stakeholders. A business
with SOC certification has undergone a rigorous audit of its control
environment and has demonstrated that its controls are effective in meeting
specified objectives. This can provide a higher level of assurance to customers
and other stakeholders that the business is managing its risks effectively and
protecting its assets, data, and systems.
On the other hand, a business without SOC
certification may not have undergone an independent assessment of its control
environment, and stakeholders may have less confidence in the business's
ability to manage its risks and protect its assets. This could result in a
higher level of scrutiny from customers, vendors, regulators, and other
stakeholders.
Overall, SOC certification can provide a competitive advantage for businesses by demonstrating their commitment to effective risk management and control, and by providing assurance to customers and other stakeholders that their data and assets are protected.