Organizations are under increasing pressure to demonstrate that they are managing cybersecurity threats, and that they have effective processes and controls in place to detect, respond to, mitigate and recover from breaches and other security events.
To address this market need, the AICPA has developed a cybersecurity risk management reporting framework that assists organizations as they communicate relevant and useful information about the effectiveness of their cybersecurity risk management programs. The framework is a key component of a new System and Organization Controls (SOC) for Cybersecurity engagement, through which a CPA reports on an organizations' enterprise-wide cybersecurity risk management program. This information can help senior management, boards of directors, analysts, investors and business partners gain a better understanding of organizations' efforts.
Note, this is a voluntary, market-based solution to enhance executive reporting on cyber security risk from an independent third-party assessor and is based on a robust reporting framework and attestation standards.
Please see below the three levels of information security reporting in SOC framework:
The American Institute of Certified Public Accountants (AICPA) released its guidance relating to a cybersecurity risk management reporting framework on April 26, 2017.
What to do now
See the RubinBrown SOC Briefing and for more information, contact one of RubinBrown’s Cyber Security & IT Risk services group professionals.
For further SOC for Cybersecurity information visit the AICPA's Cybersecurity webpage.
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