PYA has released a white paper that discusses the importance of the AICPA’s cybersecurity risk management framework and System and Organization Controls for Cybersecurity in assessing the strength and effectiveness of cybersecurity risk management programs.
A new PYA white paper outlines the American Institute of Certified Public Accountants’ (AICPA) cybersecurity risk management framework and System and Organization Controls (SOC) for Cybersecurity, and the role they play in the development of an effective cybersecurity risk management program and the assessment of cybersecurity risk readiness.
A cybersecurity breach can result in tremendous financial loss—to the tune of millions of dollars—and reputational damage— sometimes fatal—for afflicted companies. To help mitigate the risk, the AICPA released a cybersecurity risk management reporting framework last year. The framework is used as a reference point for independent certified public accountants (CPAs) to engage SOC reporting on the overall effectiveness of an organization’s cybersecurity risk management program.
The white paper describes the various facets of the risk management framework and what is included in the resultant cybersecurity report. It also compares the differences between the SOC and the SOC 2 and considerations for determining which engagement is appropriate.
PYA assists organizations by conducting SOC 2 and SOC cybersecurity risk management examinations; gap analysis to determine if an organization is ready for SOC 2 or SOC cybersecurity; and examinations to mitigate regulatory, financial, and reputational dangers.