Explaining why you need SOC 2 now might seem self-serving. After all, we’ve built a security assurance platform that automates SOC 2 prep work and simplifies the audit process. But here’s the thing. Companies ask us about it all the time.
So, below we’ve detailed the four biggest benefits of getting SOC 2 now (instead of later).
#1: Customers Will Ask for SOC 2 Sooner Than You Think
Given the heightened scrutiny and due diligence organizations place on vendors, you’re going to need SOC 2 to do business. So, you’re better off starting the process now. Plus, you get the value-add of informing prospective customers that you’ve started SOC 2. (How long you can get away with saying that without actually getting ready for SOC 2 is another story, though).
#2: SOC 2 Is a Competitive Advantage
Our co-founders Ray Kruck and Patrick Murray saw countless deals become “Closed Lost” at previous companies because they didn’t have the right security certifications. That’s one reason why they started Tugboat Logic.
Here’s the thing. Eventually, you’ll need to get SOC 2 certified. Sorry to say, but it’s inevitable. Those big enterprise customers that can make or break your business need to see proof that you’re safe to work with and SOC 2 provides that proof.
And here’s some real talk: your competitors already have SOC 2. They’re clearing the security due diligence phase of the sales cycle faster than freaky-looking Furbys flying off the shelves at beleaguered Toys R Us stores in the late ’90s.
#3: It’s an Investment That Pays Dividends
Yes, the entire cost of SOC 2 can leave you with sticker shock—especially if this is all new to you. That said, if you shopped around for quality vendors and auditors that fit your budget, then the capital and operational expenses of getting SOC 2 pay helps it pay for itself.
And if you don’t believe us, here are just a few benefits:
- Mo’ security, mo’ customers: customers will see that you’re following security best practices and taking the necessary steps to safeguard their data and information.
- Shorter sales cycles: your sales team can leverage your SOC 2 report instead of bullying engineering into wasting hours filling out security questionnaires. (Some larger enterprises exercise their right-to-audit clauses as part of the security due diligence phase.)
- Improved internal security culture: security becomes everyone’s responsibility, especially given that SOC 2 Type 2 certifications provide ongoing maintenance of your security practices.
#4: SOC 2 Gets Your Security in Order
For many early-stage startups, it’s tempting to treat security as an afterthought. After all, growth comes first, right? At the risk of sounding like every other security vendor out there trying to scare you with sensational stories of getting pwned and hacked, you can’t ignore the seriousness of security. There are too many bad hombres out there!
But as many startup veterans will tell you, forcing function scenarios can be the perfect catalysts for change. Security attestations like SOC 2 not only force necessary players like your engineers and execs to participate in becoming more security-aware, but they help pave the path for easier conversations with sales prospects and partners.