Vendor Management: Using SOC Reports to Oversee Third-Party Information Security and Cybersecurity Risks
Financial institutions need to comply with the FFIEC’s guidance on due diligence and managing third-party relationships. A significant compliance concern today is whether the third-party (a service organization) can protect the institution’s sensitive data through proper information security and cybersecurity control programs.
CPAs provide system and organization control (SOC) reporting for service organizations including SOC 1® engagements for internal controls over financial reports and SOC 2® engagements for information security. Since SOC 2® engagements are directed towards information security, the AICPA identified a need to also develop professional standards for CPAs related to growing cybersecurity risks.
The objective of the AICPA’s cybersecurity reporting framework is to assist service organizations with communicating useful information regarding their cybersecurity risk-management programs to stakeholders and CPAs. In turn, CPAs can examine and report on the service organization’s cybersecurity risk management program so that financial institution management and regulators can rely on a service organization’s ability to maintain adequate security over financial institution sensitive data. This also includes compliance with the GLBA safeguards rule.
Together, SOC 2® engagements for information security and SOC cybersecurity risk assessments represent a needed evolution of AICPA professional standards to deal with the security risks that financial institutions face when contracting with service organizations.
Please join Gary Deutsch, CPA MBA, as he discusses how CPA prepared SOC 2® reports and reports on a service organization’s cybersecurity risk management program can be used to help management meet their regulatory requirements related to third-party relationships.
WHAT YOU’LL LEARN
In this informative webinar, we will cover:
- Interpreting SOC 2® engagements and reports
- Understanding SSAE 18 professional standards related to SOC 2® engagements including Concepts Common to All Attestation Engagements (AT-C section 105) and Examination Engagements (AT-C section 205)
- Understanding AICPA’s updated Trust Services Criteria for SOC 2
- How Trust Services Criteria align with COSO’s 2013 framework
- How to identify cybersecurity risks using CPA SOC cybersecurity reports
- AND MUCH MORE!
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