Matrix Integration, a strategic IT infrastructure partner for more than 1,000 businesses and schools in the Midwest and beyond, announced today that the company has received SOC 2® - Type 2 (Service Organization Controls), a designation awarded to organizations that have proven their ability to oversee and safeguard their own and their clients’ data. The credential, granted by the American Institute of CPAs (AICPA), is becoming more critical than ever. In addition to safeguarding their own data, businesses – especially industries dealing with personal, confidential information (such as with the finance and healthcare industry) – need to make sure the partners they work with keep their data safe, along with proving to insurers and customers that they are working with partners that meet specific and rigorous compliance standards. The SOC 2 - Type 2 designation validates that these requirements exist and are being adhered to.
“We’ve always protected our clients’ data and information, and so have the vendors that we work with, like Cisco and Microsoft,” said Rob Wildman, vice president, managed services for Matrix Integration. “By achieving the SOC 2 - Type 2, our clients can demonstrate to insurers, regulators or customers at any time that we, as their technology provider, have the controls in place for confidently managing client data.”
Vendors More Vulnerable Than Ever
Meeting the standards of SOC 2 - Type 2 which can take up to a year to achieve, is a major weapon against cybercrime, which has targeted more vendors in recent years. In the last three years, KPMG reports that 73 percent of businesses have experienced a significant disruption due to a third-party cyberattack. Technology vendors are the most-common target for third-party attacks because hackers can exploit their access to reach even more targets.
“A business working with a third party – whether it’s a software company or a technology services provider, like Matrix – needs to make sure their partner complies with a framework like SOC 2 - Type 2 or similar,” said Wildman. “Otherwise, your data can be at greater risk to breaches through third parties, even if you’re not attacked directly.”
In addition, cybersecurity insurance rates continue to rise and policies are becoming more difficult to acquire. When a company can verify their technology vendors have SOC 2 - Type 2 or other industry-accepted credentials, they have a better chance of securing a policy and potentially reducing the cost of that policy. For more information on Matrix Integration or the importance of third-party security credentials, visit matrixintegration.com.
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