September 13, 2022
SyncMonkey saves $100K, hundreds of hours with SOC 2 compliance automation
3 Min Read
SyncMonkey is a Canadian-owned and -operated documentation management platform designed by industry experts. The secure and versatile system serves as a centralized information management application for all technical resources. SyncMonkey’s goal is to simplify your MSP’s day-to-day operations.
“I thought we could get SOC 2 ourselves, but quickly realized it would take internal resources we couldn’t spare. I recommended that we hire a compliance officer, but we’re a startup so we have to be mindful of how we allocate our resources.” —SyncMonkey Lead Project Manager, Kevin Schoenewolf
Challenges: A need to demonstrate security leadership
SyncMonkey is a centralized information management system that helps hundreds of businesses manage their technical resources.
Serving several IT departments, SyncMonkey understands the importance of information security. Security is also central to their value proposition. While they designed and implemented controls to keep their clients safe, they wanted to go above and beyond with a compliance program that didn’t break the bank.
That meant taking a proactive approach to their security, an initiative that prompted SyncMonkey’s lead project manager, Kevin Schoenewolf, to scope out a SOC 2 project.
Solutions: Automating SOC 2 from start to finish
When Schoenewolf reached out, he knew exactly what he wanted: A tool that would simplify every step of the SOC 2 process from start to finish.
With dedicated audit readiness software, Schoenewolf was able to automate and track every step of his SOC 2 project in one place. His team was given access to a library of relevant policy templates, a list of controls needed to implement for SOC 2, and integrations that simplified evidence collection.
Even now, long after their security program was initiated, SyncMonkey’s senior leadership team still relies on software to track compliance and ensure they’re ready for audits.
Results: Saving time and money on compliance
Getting SOC 2 is a landmark occasion for companies of any size. Completing the rigorous process without hiring a compliance officer or creating extra work for the rest of the team is a big benefit.
SyncMonkey was able to save time and money, both highly valuable commodities for any startup. In total, the company was able to save $100,000, the average salary for the compliance officer.
While the SyncMonkey team continues with their SOC 2 project, and are already scoping for ISO 27001, they can seamlessly continue to deliver on one of their core promises — delivering a product with market-leading security to their clients.
“We were even able to provide security awareness training to our whole team through the platform. It’s kept them in the loop, so they know what the policies and procedures are. Especially developers and the dev manager. We’ve been able to ensure that all our employees go through that training.” —Schoenewolf
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