Document Management & Workflow Blog

15 Dec 2020 Colin Graf

How SOC 2 Type Has Evolved to Combat the Growing Risk of Fraud

How SOC 2 Type Has Evolved to Combat the Growing Risk of Fraud

As business continues to shift into remote work, companies not only need to have easy access to their documents online but also consider the security of those documents while being digitized, which often contain sensitive information. Finding a company you can trust to have the highest security standards is vital when seeking a partner to outsource processes such as mailroom, document scanning, cloud document management software, and workflow automation services.

What Is SOC 2 Type 2?

SOC 2 Type 2 is an audit that guarantees a BPO partner has successfully implemented and follows a set of operating procedures that ensure all documents are handled securely while in their facility. A SOC 2 Type 2 accreditation is a guarantee that both internal and external compliance guidelines are being followed accordingly.

The accreditation is carried out by a third-party which audits internal processes for a period of time and makes sure up to five “trust principles” are being met. Those five standards for the compliance guidelines are security, confidentiality, availability, processing integrity, and privacy. SOC 2 Type 2 businesses are usually audited for only a subset of the principles, but it depends on each business. Passing the accreditation process means that a third party has verified a business is trustworthy and has a clear process in place to protect their clients’ sensitive information.

Why Is It More Essential Today to Have a SOC 2 Type 2 Partner?

Bruce Dorris, the President and CEO of the Association of Certified Fraud Examiners (ACFE), said the coronavirus pandemic has created the “perfect storm for fraud.” This is because financially strapped companies are reducing their spending on cybersecurity, all while people–going through difficult times–are more likely to commit fraud.

An ACFE 2019 report found that more than 1 out of 5 cases of occupational fraud occur because a large number of people are experiencing financial issues. Starting in 2020, this risk has increased as the coronavirus pandemic has driven the global economy into a recession, while many companies are cutting funding spent on data security. The ACFE report also found businesses on average lose 5% of their revenue due to fraud.

Why Should Businesses Only Partner with SOC 2 Type 2 BPO Companies?

Partnering with a business process outsourcing company that has SOC 2 Type 2 accreditation means you have a legitimate partner whose priority is the secure handling of your documents while in their facility, reducing your liability risks and the risks of fraud. Choosing an outsourced mailroom or scanning partner who has received accreditation year after year is proof that they understand and prioritize protecting the sensitive information within your documents, and have clear processes in place to successfully secure that data.

How the Standards for SOC 2 Type 2 Have Changed

Every year the standards for SOC 2 Type 2 accreditation become harder to meet. Getting SOC 2 Type 2 accredited is an arduous, time-consuming, and expensive process. AICPA’s revised standards primarily focus on new controls for risk assessment and new processes to evaluate risk, such as cyber, vendor assessment, security, overall business risks, blackmail, civil disobedience, and communication failure. This means new audit standards improve the audit’s quality by addressing issues such as new technology and taking into consideration new forms of fraud that have arisen each year.

MetaSource Is Committed to the Highest Standards of Security

Conveniently located just outside of New York City and Boston, MetaSource is strategically situated to provide secure document scanning services. Audits for MetaSource’s security protocols have been streamlined to cover both locations that previously had separate reports. Standardized procedures at both locations ensure MetaSource’s exceptional service to clients and demonstrate the commitment to continuously handle sensitive business documents securely at both the Boston and New York document scanning facilities.

Digitizing your documents through a SOC 2 Type 2 scanning partner also ensures your documents are safely processed for cloud storage and accessible to your staff working from home or the office. On top of scanning, MetaSource also offers digital mailroom services that can help you distribute and process incoming mail to your staff working in the office or remotely.

If you’re looking for a trusted partner to help you securely convert your documents, feel free to call us at (888) 634-7684 or you can learn more by reading How to Ensure Business Continuity Post COVID-19.

How SOC 2 Type Has Evolved to Combat the Growing Risk of Fraud

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