The ‘S’ in EHS stands for ‘safety’ and is an integral component of Benchmark Gensuite’s mission to create secure working environments and mitigate any potential for risk. Of course, this doesn’t just mean physical security—in an ever-evolving digital age, cybersecurity must be top of mind.
Today, data security is critical like never before. The safety and security of our customer data is a top priority in which Benchmark Gensuite continuously invests time and resources. As a part of that ongoing effort, we were glad to recently announce that we’ve successfully completed our SOC 1 and SOC 2 reports. The examination was conducted by A-LIGN, a technology-enabled security and compliance firm trusted by more than 4,000 global organizations to help mitigate cybersecurity risks.
What exactly are SOC 1 and SOC 2 reports? And what does successfully completing these assessments mean for our customers? Let’s walk through the ins and outs of these audits and how these reports can assure customers that their data is safe in Benchmark Gensuite’s hands.
What is a SOC 1 report?
A SOC 1 (Service Organization Control 1) report provides an independent assessment of the internal controls over financial reporting within a service organization. Often undertaken at the urging of clients or stakeholders, these reports are typically issued by a CPA as part of an audit engagement and are used to evaluate the effectiveness of the controls in place to ensure the accuracy and integrity of financial information.
These reports help clients assess the risks associated with using the services of a particular organization and make informed decisions about their financial reporting processes and are valid for twelve months following the date of issuance.
What is a SOC 2 report?
Similar to a SOC 1 report, but with a heightened focus on security than finance, an SOC 2 (Service Organization Control 2) report is a comprehensive document that provides an independent assessment of a service organization’s internal controls related to security, availability, processing integrity, confidentiality, and privacy of customer data. These reports are also typically issued by CPAs and are used to evaluate the effectiveness of controls and practices related to information security and data protection.
SOC 2 reports are commonly used by service organizations, such as cloud service providers, data centers, and Software-as-a-Service (SaaS) providers like Benchmark Gensuite, to demonstrate their commitment to security and data privacy to customers and stakeholders. These reports help customers assess the risks associated with using the services of a particular organization and make informed decisions about data security and compliance. Additionally, SOC 2 reports can be important for regulatory compliance and building trust with clients who rely on the secure handling of their data.
The Importance of Third-Party Verification of Data for ESG-Related Reporting
We live in a world filled with data breaches and information leaks, which makes cultivating trust key. Customers and partners alike are actively seeking reassurance that the organizations they collaborate with are taking every possible measure to protect sensitive data and minimize risk exposure. It’s what sets an organization apart from its competitors.
This is precisely where the value of SOC reporting comes in. Today, as many organizations outsource their business operations and services to third-party vendors, their client data could be at risk. By completing the SOC audits, Benchmark Gensuite demonstrates our commitment to data security and risk mitigation, providing the peace of mind that clients and partners are looking for in an increasingly data-sensitive world.
These audits provide an essential third-party verification process for our data, bringing it in line with the rigorous standards increasingly applied to ESG reporting around the world. In today’s environment, where ESG, Scope 3 emissions, and sustainability disclosures are scrutinized as closely as financial reporting, our SOC certifications offer a valuable mark of trust and credibility, enhancing our clients’ ESG narratives and ensuring they meet the highest standards of transparency and accountability.
Know your data is safe and secure with Benchmark Gensuite
We hope the steps we have taken help you and your IT teams remain confident in knowing that your data is secure with Benchmark Gensuite. Request a demo now and let’s get started keeping your own workforce as safe and secure as we’ll keep your data.