In today’s highly regulated world of security regulation, debt collection organizations that work with sensitive consumer data, especially financial data, are required to complete a Debt Collection SOC audit to work with many clients and partners.
SOC 1 or SOC 2?
When getting started on your organization’s first SOC audit, it can be somewhat complicated to find out which audit is the right choice. The two major kinds of SOC audits are SOC 1 and SOC 2 audits; a SOC 1 audit focuses on the security and internal controls related to financial data while a SOC 2 audit focuses on a much broader scope.
A SOC 1 audit is most common for Debt Collection SOC audits because Debt Collection Agencies handle large volumes of consumer financial information.
Benefits of a Debt Collection SOC Audit
Whether you are being requested to become SOC compliant by a client, requested by a business partner, or you are looking to stand out from the competition and bolster your security, a SOC 1 audit is perfect for debt collectors.
Completing a SOC 1 audit is fantastic for:
- Showing clients and partners that their data is properly handled and their information is not at risk
- Finding any potential security risks
- Receiving advice on how to cover any gaps
- Differentiating your business from the competition
Recent years have shown a significant increase in cyber-attacks and data breaches; becoming SOC certified can protect your data from potential vulnerabilities.
To get started on becoming SOC certified contact us today!
