With the latest SSAE 18 reporting changes and the introduction of SOC for Cybersecurity, the American Institute of CPAs (AICPA) has made one thing clear: conducting proper risk assessments and taking action on potential threats is no longer an option.
In previous years, companies could get by with a more passive approach to their risk management process. But as the potential for serious cybersecurity threats continues to increase, the new standards require more. With the latest iteration of the AICPA’s cybersecurity standards, it’s important that companies be able to demonstrate that management reacts and responds appropriately to identified risks. Rather than accepting informal or undocumented processes for risk assessments, auditors are required to gain further clarification and understanding.
It might seem like the increased focus on proper risk assessments, and mitigation means more work for you and your team. And it might be if there wasn’t a tool to help you manage the risk assessment process.
3 Ways BALLAST Makes SSAE 18 & SOC for Cybersecurity Compliance Easier
Here are a few ways BALLAST makes the risk assessment and management process easier for companies required to comply with the latest SSAE 18 or SOC for Cybersecurity standards:
- Automated Remediation Tracking. The new standards require organizations to not only identify potential risks but show they have a plan of action towards mitigating them. With BALLAST’s automated remediation tracking, you can easily showcase that you have an action plan in place and are making progress towards addressing the specific risks you’re facing.
- Easy-to-use Threat and Control Packages. BALLAST is built with numerous industries in mind. Whether you’re trying to meet defined control standards or want to customize your own, BALLAST ensures you are addressing both the specific security threats and overall compliance concerns for your specific business.
- One-click Reporting. Both the SSAE 18 and SOC for Cybersecurity standards require you to provide auditors with detailed information around your risk management processes. BALLAST allows you to create these reports and provides auditors with the artifacts they need at the touch of a button.
With SSAE 18 and SOC for Cybersecurity, it’s evident that having a thorough and effective risk management program in place is no longer optional. And in all likelihood, its importance will only grow.
Rather than manually managing the steps needed to mitigate risks, BALLAST can streamline the process and make it easy for everyone on your team to know what they need to do and when they need to do it. Instead of spending countless hours pulling artifacts for auditors, BALLAST can provide the insights you need in an instant.
If you’re interested in learning more about how BALLAST can make SSAE 18 or SOC for Cyber Compliance easier, click here to schedule a free demo today.