All About the SOC 2 Type II Audit
According to LWBJ, the goal of a SOC 2 Type II audit is to prove that the organization at hand, and its data, are secure. The report focuses on the five Trust Service criteria:
- Processing integrity
As the #1 Agency Recommended Management System, we know that a part of your job in life and health insurance is handling sensitive client information. When looking for a technology partner, vetting your vendor and ensuring their system is secure is crucial. Choosing an agency management system that has completed the SOC 2 Type II audit means that you can trust your data is safe and secure.
The infographic below explains what a SOC 2 Type II audit is and what that means for your agency as you choose software vendors.
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What is a SOC 2 Type II Audit?
According to Vanta, "A SOC 2 Type II report attests to a company's security rules ('controls') over a period of time (typically 3-12 months). A Type II report demonstrates that a company has established the required security procedures and has followed those procedures over time."
The report focuses on the five trust criteria:
This criterion refers to the protections and controls the organization has in place to protect against any unauthorized access to data.
The availability category measures whether the company has the appropriate controls in place to keep its systems up and running.
3. Processing Integrity
This category makes sure the organization processes and handles data in a responsible manner and without errors.
The confidentiality category refers to just that—confidentiality. Does the company have appropriate controls in place to protect confidential information?
Although the privacy criteria is similar to the confidentiality criteria, privacy specifically considers the practices in place to protect Personally Identifiable Information (PII), especially from customers.
3 Benefits of Partnering with a Vendor That Has a SOC 2 Type II Report
1. Data Security is Essential
You don't have to worry about whether your data is secure or not. If your insurance agency management system vendor has taken the steps to perform a SOC 2 Type II audit, it means they are going above and beyond to put the necessary controls in place to ensure that your data and information are in good hands.
2. They Are Prepared for Cyberattacks
Technology is becoming more integral to our lives by the day, and along with that comes more cyberattacks and data breaches. When your technology partner has a SOC 2 Type II report, it means they've already put the strongholds in place to prepare for these types of vulnerabilities.
3. Allows You to Make Informed Decisions
It can be difficult to know what risks you may take on when adopting an agency management system. This report can help you assess the risks or benefits of partnering with a service-based organization.
Although completing the SOC 2 Type II audit is not a requirement, it shows our clients—both future and current—that we take data security seriously. To learn more about AgencyBloc's SOC 2 Type II audit, read the full press release.
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by Sarah Rosonke
on Thursday, January 6, 2022
Data Management & Security
- data management
- vendor vetting