Chicago and Illinois medical billing and healthcare companies need to ensure that sensitive patient data is properly protected against cyber-attacks. The healthcare industry is an attractive target for bad actors because of the large volume of patient and personally identifiable information (PII) collected, stored, and regularly updated. In fact, American Medical Collection Agency, a medical billing service, was recently hit by a cybersecurity attack that cost $21M in financial damages and lost business. Given the potential exposure, it is imperative for medical billing companies to regularly undergo a System and Organization Control (SOC) 2 report to demonstrate the effectiveness and reliability of data protection measures.
SOC 2 Report Benefits
A SOC 2 report provides important benefits to medical billing companies and the hospitals, clinics, and other healthcare organizations served. For the company, it limits the potential for breach events, litigation, and other undesirable outcomes. It helps to demonstrate compliance with industry-standard risk and security models and can help to accelerate the sales process. For healthcare organizations, a SOC 2 report can help to validate controls, scale vendor risk programs, and permit optimal supply chain decisions to be made.
Chicago SOC Insights
Chicago (IL) SOC Audits
Barnes Dennig offers several SOC Audit services including:
- SOC 1 Audits – The reports assure your clients that internal controls are secure. These audits focus on your organization’s business processes and IT controls. Any that are likely to be relevant to an audit of your customers’ financial statements are documented in the report. There are two types of SOC reports: Type 1 reports test the design of your organization’s controls. Type 2 reports test whether your controls are properly designed and implemented.
- SOC 2 Audits – These reports concentrate on five Trust Services Principles: security, availability, processing integrity, confidentiality, and privacy. SOC 2’s requirements allow data providers to decide how they want to meet the criteria. This flexibility means SOC 2 reports are unique to each company.
- SOC 3 Audits – Similar to SOC 2 reports in that they examine the same five Trust Services Principles, the results of the audit are publicly available.
- SOC Readiness Assessments – These assessments provide an overview of your organization’s preparedness for a successful SOC 1, 2, 3, or Cybersecurity audit.