What No One Tells You About Data Security

What No One Tells You About Data Security

The past decade has seen unprecedented adoption of cloud computing. While its initial adoption was most successful in consumer apps, business adoption was slower and more cautious. One of the primary reasons businesses were wary of cloud services was data security. For many organizations, protecting their data is critical, and as a result, they trust their cloud computing vendor to host their data securely.

Let’s discuss why data security is essential to running a successful organization.

Why Cloud Security is Important

For most companies, cloud security is crucial because:

  1. It helps comply with regulations, such as compliance and protection standards like SOC, HIPPA, and GDPR.
  2. It guards against security breaches, which can be disastrous for brand reputation.
  3. It enables a hybrid or remote workforce, which has become a requirement in most organizations since the onset of the pandemic.
  4. It helps ensure business continuity in the face of disaster such as fires, floods, or other environmental issues that could affect business.

It’s clear that data security can protect your organizations from risk.

So, what happens if your data isn’t properly protected, or a software vendor misrepresents its System and Organization (SOC) compliance?

Security Compliance in the Software Industry

It is crucial for software vendors to administer and adhere to key certifications, or they’ll risk losing the trust of their valued customers.

SOC reports validate the security of an organization’s services and instill confidence that the financial information provided by third parties is complete and accurate. While they are not a legal necessity in some countries, they are often necessary to close a deal. As a result, software vendors are required to show their compliance with SOC and other certifications.

Learn more about SOC and other security certifications here.

Any vendor who misconstrues their adherence to security protocols would significantly impact their customers–who may risk being accused of falsifying financial statements, ultimately affecting their corporate reputation.

The bottom line is this: while organizations can outsource various functions, they can’t outsource their fiduciary responsibility. Consequently, SOC and other certifications exist to ensure external service providers have the necessary internal controls to avoid putting their customers at risk.

Our Approach to Data Security

Prophix takes this area of our business very seriously and has invested significantly to ensure we deliver the industry’s most trusted solution. Our platform has been evaluated, tested, and third-party audited. We refer to this as The Prophix Trust Model.

The Prophix Trust Model is built on three key pillars: industry-leading security, standards compliance, and advanced technology. Our goal is to provide customers with the most robust, secure, and reliable cloud performance management solution. Prophix Cloud Services have undergone independent third-party audits of its information security management systems (ISMS) and achieved ISO/IEC 27001:2013 certification, a globally recognized standard.

Learn more about the Prophix Trust Model and our data security certifications.

Prophix

Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps mid-market companies achieve their goals more successfully with innovative, cloud-based Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, forecasting and reporting and puts the focus back on what matters most – uncovering business opportunities. Prophix supports your future with AI innovation that flexes to meet your strategic realities, today and tomorrow. Over 1,500 global companies rely on Prophix to transform the way they work.

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