If you own or manage a business in the travel industry, you will need to educate yourself about SOC 2 compliance. While many airlines and hospitality companies have stepped up their cybersecurity efforts in recent years, the COVID-19 pandemic threw a wrench into these efforts. Revenues for the entire travel industry have plummeted, robbing funds for many “non-essential” expenses – including security and data management.
This has left thousands of businesses in a compromised position, making it easier for breaches to occur. Additionally, underfunded cybersecurity systems make it harder for businesses and consumers to trust travel agencies with their data. This only lowers the revenue projections for the future.
Fortunately, securing a SOC 2 report with the help of companies like SecurityRangers.io can prevent these issues from negatively impacting your travel business. For example, Security Rangers provides a dedicated security management team and constant security monitoring to ensure that you comply with all SOC 2 standards. Hiring a third party IT or data solutions company may also. lighten the burden of data management and allow you to focus more on other aspects of your business.
What is a SOC 2 report?
SOC stands for “System & Organization Controls”. These controls reflect the security standards established by the AICPA to help businesses comply with the latest data security protocols. Essentially, a SOC report is an audit of your company’s practices with respect to consumer or customer data.
There are three distinct forms of SOC, SOC 1, SOC 2, and SOC 3 reports. SOC 2 is the most comprehensive and popular of the three SOC reports. However, it is also important to note that there are two types of SOC 2 reports: SOC 2 Type I and SOC 2 Type II. Of these two types, Type II provides a much more in-depth look at your data security protocols, as it tracks both the design and efficiency of your system over a period of time.
Generally speaking, a SOC 2 auditor assesses your data system based on the five principles of trust: security, availability, processing, integrity, confidentiality and confidentiality. At the end of the audit, the auditor will provide a comprehensive report showing the performance of your business. If you meet the standards and your system is operating effectively to protect consumer data, you will be SOC 2 compliant. If your system does not meet the necessary criteria, the auditor will provide you with recommendations for improvements to be made to that you can take another audit in the future.
How can a Clean SOC 2 report help your business?
There’s a reason SOC 2 reports are built around 5 principles of “trust”. Now that most businesses store consumer data in cloud-based systems, the need for consumer trust has never been greater. So, a clean SOC 2 report is one of the best ways to build trust with your customer base.
SOC 2 compliance also sets you apart from the competition. Many companies forgo SOC audits because they are expensive and may require drastic changes to existing systems. However, this is a huge mistake in the long run. Not only could this put your business at increased risk of a security breach, it also shows potential customers, vendors, and investors that you don’t take data security very seriously.
Therefore, becoming SOC 2 compliant shows that you are willing to take the time and funds necessary to keep your customers’ data safe. A clean SOC 2 report is like a badge of honor that you can show to other people who want to work with or invest in your business.
Many small businesses avoid SOC 2 audits because they can be expensive (from $ 10,000 to $ 50,000) and time-consuming (from a few weeks to over a year). However, if you can find space within your budget, getting SOC 2 (a clean report) certification will eventually pay for itself through better branding and greater customer satisfaction.
And it might not be as expensive as you think. For example, prices at Security Rangers start at just $ 350 per month. Money set aside for a SOC 2 certification can be a worthwhile investment.
Why should travel agencies become SOC 2 compliant?
Many people think of SaaS companies when they think of SOC 2 compliance. However, most companies in the travel industry (SaaS or not) need to collect and store consumer data, to some degree or less. another. So, if you are managing a database, whether large or small, you will need to implement the latest and most effective cybersecurity protocols.
SOC 2 reports are vital for the travel industry in these turbulent times. Traveling on its own poses a risk to many people, as the spread of COVID-19 continues to be a problem in dozens of countries around the world. The last thing consumers need is something else to worry about while traveling. Fortunately, SOC 2 compliance can help your customers have peace of mind knowing their data is secure.
Finally, it is important to remember that most travel agencies must work in conjunction with federal agencies. Many of these agencies require private companies to implement security protocols to protect consumers from cyber attacks. If you run a travel agency that must meet safety standards set by the federal government, a clean SOC 2 report will ensure that you are not breaking any legal protocol.
So whether you are running a multinational travel business or a small physical business, you should consider getting SOC 2 certification. A clean SOC 2 report will put your customers’ minds at ease and show that you are doing business. data security a top priority. This can not only improve your branding image and increase your income, but it can also help prevent a costly and disastrous data breach in the future.