SOC 2 Compliance: How Prescinto Establishes Trust in the Age of Data

To gain a competitive edge, players in the renewable energy industry must turn to external technologies and platforms to drive profitability and growth. However, establishing trust with a third-party partner, especially concerning security and critical data handling, is paramount. Prescinto addresses these concerns by aligning with the renewable energy industry’s security expectations. Hence, demonstrating a strong commitment to data protection, underscored by its SOC 2 certification. This certification highlights Prescinto’s dedication to maintaining high standards of data security and confidentiality, providing clients with the assurance that their data is in safe hands. As big data plays an increasingly vital role in renewable energy, Prescinto’s focus on data security positions it as a trusted partner in the industry.

What is the SOC Report?

System and Organization Controls (SOC) reports set a benchmark that evaluates a service provider on whether they are operating in compliance with ethical standards and measures the effectiveness of an organization’s internal control and safeguards. SaaS vendors and cloud service providers frequently use these reports to increase their credibility and trustworthiness to all internal and external stakeholders present. Currently, Prescinto holds a SOC 2 report certification.

What is the SOC 2 Report?

SOC 2 report is an attestation report issued by an independent Certified Public Accounting Firm (CPA). Only a CPA or an organization accredited by the American Institute of Certified Public Accountants (AICPA) can conduct a SOC audit. The primary focus of this report is the cloud and IT security control and operational risks of outsourcing from third parties outside financial reporting. The five key Trust Service Criteria that the reports closely follow are:

1. Security
2. Availability 
3. Processing Integrity
4. Confidentiality
5. Privacy

Why is the SOC 2 Report Important?

More and more businesses now require service providers to show their SOC 2 reports for the following reasons:

• Reflects the dedication toward robust security and data protection.
• Provides confidence regarding the service provider’s controls and compliance position.
• Saves time and resources throughout the vendor selection process.
• Differentiate from competition in a security-conscious market.

Due to the above reasons, the SOC 2 report enhances the overall trust and credibility of the service provider-customer relationship. Additionally, it helps organizations meet their own regulatory and industry compliance requirements.

Risks in Renewable Energy Making SOC 2 Compliance Necessary

While renewable energy offers a sustainable future, it also comes with inherent risks. Systems used by renewable energy plants are heavily reliant on digital controls, data acquisition, and data centralization. Data privacy and data security are increasing concerns for players in the renewable energy industry. Recent hacks in the industry have, according to the IEA, interrupted prepaid metres because IT systems were unavailable, hindered remote controls for wind farms, and resulted in frequent data breaches involving client information.

In 2022, the average cost of a data breach globally reached a new high of USD 4.72 million in the energy industry. SOC 2 compliance involves implementing robust cybersecurity measures like access controls, encryption and so much more. Moreover, SOC2 audits assess a company’s controls based on the five key Trust Services Criteria.  By adhering to these controls, these companies can demonstrate their commitment to protecting customer data and critical infrastructure.

Types of SOC 2 Reports

There are two main types of SOC 2 reports:

• Type 1: The SOC Type 1 report guarantees that the organization’s internal controls are in proper design.
• Type 2: The SOC Type 2 report offers a more in-depth evaluation, assessing the effectiveness of controls over 3-12 months.

SOC 2 Type 2 Certification: Proof of Prescinto’s Commitment to Data Security Standards

Prescinto has attained the SOC 2 Type 2 report based on the AICPA framework. As its operating effectiveness of IT and cloud services is satisfactory in five trust service criteria: Security, Availability, Processing  Integrity, Confidentiality, and Privacy. Using big data from energy assets, Prescinto’s services assist players in achieving valuable business objectives. As a provider of a cloud-based SaaS platform, Prescinto adheres to the strictest guidelines to ensure that the data of all renewable energy assets managed using the Prescinto Platform is safe and secure.

If you’re currently using or considering Prescinto and need access to the reports, please contact your customer success manager or sales representative for further assistance.

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