What Is SOC Cyber Security and Why Should You Care?

Introduction

SOC cyber security is a process consisting of security measures that are put in place to protect an organization’s computer networks, systems, and data from unauthorized access or theft. By definition, SOC cyber security is the proactive attempt to avert or mitigate an attack on an organization’s computer systems before it occurs. A company’s “security operations center” (SOC) is responsible for implementing and managing the organization’s SOC cyber security program.

What is SOC cyber security

Cybersecurity risk management is an important part of every organization. A SOC for Cybersecurity examination is how a CPA reports on an organization’s cybersecurity risk management program. Its purpose is to communicate information about an organization’s cybersecurity risk management efforts to interested parties such as the board of directors, analysts, investors, business partners, and industry regulators. This gives those individuals a clear understanding of the organization’s cybersecurity risk management program and provides them with confidence in its efficacy.

The different types of SOC cyber security

There are four main types of SOC reports, which are governed by the American Institute of Certified Public Accountants (AICPA). These reports offer assurance that the controls service organizations put in place to protect their clients’ assets (data in most cases) are effective. The four main types are SOC 1, SOC 2, SOC 3, and SOC for Cybersecurity. Each type has a subset of reports.

SOC -1: – The SOC 1 Report is a report on Controls at a Service Organization which are relevant to user entities’ internal control over financial reporting.

SOC -2: – SOC 2 reports are attestations issued by an independent Certified Public Accounting (CPA) firm. They focus on the operational risks associated with outsourcing to third-parties outside of financial reporting. SOC 2 reports are based on the Trust Services Criteria, which includes up to five categories: security, availability, processing integrity, confidentiality, and/or privacy.

SOC-3: – A SOC 3 report is less comprehensive than a SOC 2 report, but is also less restrictive. The main difference between the two reports is that the SOC 2 report focuses on details of the description and testing, whereas the SOC 3 report is a general-use report that is great for marketing purposes.

The benefits of SOC cyber security

Designing and implementing an effective SOC can be a complex process. An organization needs to identify, acquire, and deploy the tools required by the SOC and put in place policies and procedures for identifying and responding to cybersecurity incidents. Check Point has created Infinity SOC to help with this process—it is a pre-integrated, turnkey security solution that provides the tools and expertise needed to build and operate a world-class SOC.

The Infinity SOC platform enables your organization’s SOC team to use the same tools as Check Point Security Research. This gives SOC analysts the visibility and capabilities they need to identify and shut down attacks against their network with 99.9% precision. Deployed as a unified cloud-based platform, it increases security operations efficiency and ROI.

Security Operations Centers face many common challenges, which is why Check Point Infinity SOC was created. This solution helps organizations protect their networks by providing:

– Quick detection and shutdown of real attacks

– Rapid incident investigations

– Zero-friction deployment

How to get started with SOC cyber security

The cyber security market is growing rapidly and is expected to be worth more than $170 billion by 2020. With the increase in cybercrime and data breaches, organizations are realizing the importance of having a secure and compliant IT infrastructure.

The first step in getting started with SOC cyber security is to understand the different types of attacks that are possible and the risks that your organization faces. After you have a clear understanding of the threats, you need to develop a security strategy that addresses these threats. The next step is to implement the security strategy and make sure that it is enforced across the organization.

The future of SOC cyber security

The cyber security landscape is constantly changing as new technologies are developed and more sophisticated cyber threats emerge. It can be difficult to keep up with all the latest trends and developments, let alone know how to protect your organization from potential attacks.

In this rapidly changing environment, it is more important than ever to have a strong and effective cyber security strategy in place. SOC (security operations Centre) services can play a key role in helping organizations stay safe online.

Conclusion

SOC cyber security is a vital necessity for any business with a presence on the internet. By definition, SOC cyber security is the proactive attempt to avert or mitigate an attack on an organization’s computer systems before it occurs. In order to stay protected, every business should have a SOC cyber security program in place that is managed by a dedicated “security operations center” (SOC).

 

 

Compliance vs Security: What’s More Important In Your Business?

Introduction: –

Compliance and security are two of the most important aspects of any business. However, the question of which is more important is a difficult one to answer. Compliance is necessary to ensure that your business is following all the regulations governing it, while security protects your company from potential outside threats. While your business must have both compliance and security measures in place, you may have to prioritize one over the other depending on your specific situation.

 

Compliance: –

Compliance is key when it comes to data security. By following the guidelines set forth by organizations like ISO and NIST, as well as complying with federal laws like SOX and HIPAA, businesses can protect their customers and their data.

Soc compliance: – The Sarbanes-Oxley Act was a federal act that was passed by Congress in 2002 to prevent corporate fraud. SOX compliance is overseen by the Security and Exchange Commission (SEC) and includes a variety of rules and regulations for financial reporting, record keeping, and accountability. The cybersecurity dimension of SOX includes regulatory standards for record-keeping, the implementation of strong internal controls to prevent fraud, and IT infrastructure regarding financial data.

Hippa compliance: – The Health Insurance Portability and Accountability Act, passed by the Department of Health and Human Services Office for Civil Rights in 1996, protects citizens’ individually identifiable health information. HIPAA contains three overarching “rules”: the Privacy Rule, the Security Rule, and the Breach Notification Rule. These regulatory standards ensure that healthcare organizations and their business associates know how to handle patients’ sensitive data. PHI is formally defined as protected health information under HIPAA.

ISO Compliance: – The ISO is a Geneva-based NGO that publishes well-known standards. These standards are known for consolidating best practices into easy-to-understand frameworks. The ISO has released around 22,000 standards, including ISO 27001, their standard for developing information security management systems (ISMS). ISO 27001 outlines specific strategies and checklists for creating strong security measures across an organization.

Read our latest blog for HITRUST 

 

Security: –

Security is the term used to describe the systems and controls in place to protect your company’s assets. Security tools are in place to prevent unauthorized individuals from accessing your company data, whether through a cyber-attack, leak, or breach. Security practices also provide a protocol for how to handle a security incident in the worst-case scenario. Here are some common categories for security tools:

IT Infrastructure: – There is no question that compliance is critically important for businesses. But often, security is prioritized over compliance, putting the business at risk. To make the best decisions for your business, it is important to understand the difference between compliance and security, and the risks and benefits of each.

Network Access: – It can be difficult to find the perfect balance between compliance and security, but with the help of identity access management tools, your business can stay safe and compliant. IAM tools can help to secure your network by regulating access and providing tight security protocols.

Authentication: If you’re a business, you know that compliance and security are two of the most important things you need to focus on. But what’s more important: compliance or security? It’s a tough question to answer, but with 2FA and MFA, you can have the best of both worlds. These tools offer an extra layer of protection that make sure your data is safe and compliant.

User Training: – Users are the cause of most information security incidents. Security professionals know that human error can be prevented through proper training. Employees need to be trained to identify and report phishing attacks, as well as understand how to create and implement a strong password. User education is an important part of any security program. Luckily, security educators are developing engaging and interesting training programs to help users get more invested in security and see it as a necessary part of their work.

 

The Importance of Both Compliance and Security: –

There are two important aspects of security and compliance that are interconnected: security and compliance. Security is the systems and controls put in place by a company to protect its assets, while compliance is meeting the standards that a third party has set forth as best practices or legal requirements. However, they are different in a few ways. For example, security is more preventative, while compliance is reactive in nature.

There are several standards and laws that businesses must adhere to to ensure the security of their data. These measures may be automatic for some companies, but compliance offers strategies to bring your business into alignment with best practices and the law. By complying with industry standards and regulations, you can protect your company from potential fines and penalties. Security and compliance are both important risk management tools. They help to protect your organization from potential harm by ensuring that your systems are secure and following regulations. You can use a third-party resource or standard protocol for security, or you can create a patching strategy for vulnerabilities. Either way, security, and compliance are essential components of risk management.

Ideally, a business’ security measures and compliance needs will be in alignment, but that is not always the case. Sometimes, security measures have been implemented, but not all of the boxes have been checked for compliance needs. For example, you may have invested in antimalware, but you haven’t trained your employees in NIST password guidelines and best practices. You may have satisfied one compliance framework, but if your organization is lacking cohesiveness, you could be at risk. Say, for example, you’ve implemented the PCI DSS security standard, which requires multi-factor authentication for accessing card payment data. However, you haven’t used those same authentication tools for other parts of your business. Organizations that lack a clear authentication tool for accessing cloud computing resources are still PCI DSS compliant. However, they may have security gaps in other areas. A comprehensive security assessment is necessary to identify these needs and ensure that compliance and security are aligned. Good governance across all aspects of the business is key to achieving this goal.

 

How Does Compliance Influence Security?

Security measures protect your company’s assets and stop unauthorized individuals from accessing sensitive data. However, security teams also need to comply with the compliance needs of their organization. Many standards and frameworks help improve cybersecurity, deter fraud, and protect user data. Compliance measures can help your organization become more secure. They provide a set of clear frameworks, checklists, and best practices that reduce risk across an industry. ISO 27001 is a comprehensive compliance framework that outlines all of the components of a strong information security management system (ISMS). Organizations can use ISO 27001 as a blueprint for designing their security strategy, rather than using it as a secondary process.

If you are a health care professional read about HIPAA.

 

Conclusion: –

Compliance and security are both important aspects of any business. However, the question of which is more important is a difficult one to answer. Compliance is necessary to ensure that your business is following all the regulations governing it, while security protects your company from potential outside threats. While your business must have both compliance and security measures in place, you may have to prioritize one over the other depending on your specific situation.

Everything You Need To Know About IFRS

1. Introduction

The International Financial Reporting Standards (IFRS) are a set of global accounting standards that have been developed and coordinated by the International Accounting Standards Board (IASB). The IASB is an independent, not-for-profit organization which was established in 2001, comprising of representatives from around the world. The primary objective of the IASB is to develop a single set of high-quality global accounting standards that will enable companies to comparably present financial statements across international borders.

2. Background on IFRS

The International Financial Reporting Standards (IFRS) are a bunch of worldwide bookkeeping norms that have been created by the International Accounting Standards Board (IASB).

IFRS are used by more than 160 countries, and have been adopted by some of the world’s largest economies, including the United States, Canada, and Japan. They are also increasingly being used in emerging markets.

3. What are the benefits of IFRS?

International Financial Reporting Standards (IFRS) provide a common global framework for financial reporting. IFRS is given by the International Accounting Standards Board (IASB).

The benefits of using IFRS include:

– improved comparability of financial statements across companies and industries
reduced costs of preparing and reading financial statements
– improved access to capital and investment
– reduced distortion of competition
– better assessment of a company’s financial position and performance.

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4. The main changes under IFRS

The most significant changes brought about by IFRS 15, Revenue from Contracts with Customers, are:
– The recognition of revenue is based on the principle of allocation to the performance obligations in a contract.
– Income is perceived when a client acquires control of a good or service.
– A contract’s price is allocated to the performance obligations in the contract based on their relative stand-alone selling prices.
– The amount of revenue recognized reflects the amount that is expected to be realized as consideration for transferring goods or providing services to customers.
– The gauge of variable thought is refreshed at each reporting period.

5. Converting to IFRS

The International Financial Reporting Standards (IFRS) is a set of global accounting standards that are designed to bring transparency and comparability to financial statements around the world. adoption of International Financial Reporting Standards

has been accelerating in recent years, with over 100 countries now using them as their official accounting standards.

There are a number of reasons why companies might choose to convert to IFRS. Some of the benefits of using IFRS include increased clarity and comparability of financial statements, a reduction in financial reporting complexity, and improved access to financing.

6. How will IFRS affect you?

The International Financial Reporting Standards (IFRS) will affect companies in a number of ways. One of the most important changes is that companies will need to present their financial statements in a more uniform way. This will make it easier for investors to compare companies and make informed investment decisions.