The importance of data protection and security

Details matter and can be the difference between being in business or closing your doors. If your data is stored in a vendor’s database, housed on a vendor’s hardware and network or if your database is accessed by “code” that inserts, updates and deletes the data, be sure you ask them this question: “Are you SOC audited”?  

LaunchPad Media Management has recently chosen to undergo an independent SOC 1 Type 2 audit to review our systems to determine how we protect customer data. The SOC audit involved an external auditor testing our internal controls to assert if our processes operate effectively for providing secure services to our customers.

Data Security in 2020

The best security step you could take for 2020 is to be sure all your software vendors are SOC audited, annually. The SOC1 Type 2 report consists of an audit period from 3 to 12 months. The audit is conducted by a licensed CPA firm and they generate an audit report that tells you if your vendor has the security policies in place and actions taken to enforce the policies that keep your data (intellectual capital) safe from cyber threats or malicious acts.

$3.92 million

The mean total cost of a data breach to an organization.