What is SOC 2?
A SOC 2 audit evaluates the security measures implemented by your organization to safeguard its systems or services utilized by customers or partners. It thoroughly assesses your organization's security posture according to the Trust Services Criteria (TSC), which sets the standards for the examination.
Why is SOC 2 compliance important?
Providing assurance to customers and partners about data protection is crucial, and the most effective way to showcase this is through an independent and trustworthy source. In the current business environment, obtaining a SOC 2 certification is seen as an essential investment since it fosters trust, enhances revenue, and opens doors to new business prospects.
What are the key benefits of SOC 2 compliance?
Organizations who complete a SOC 2 assessment will benefit from the following:
- Valuable insight into your security posture
- A strategic roadmap for cybersecurity investments and initiatives
- Increased competitive positioning in the marketplace
How can a SOC 2 report help small businesses scale?
Your startup or small business will need a SOC 2 report to go upmarket and close large deals. Below are some of the benefits you will notice after earning a SOC 2 report.
- Development of strong policies and procedures
- Increased credibility with investors and partners
- A strong competitive advantage
- Saved time, money and resources on a potential data breach
Who uses a SOC 2?
Service organizations that process, store, or transmit data for their clients or partners. While SOC 2 applies to almost any organization, it’s particularly important to data centers, software-as-a-service (SaaS) companies, and managed service providers (MSPs).
Who can perform a SOC audit?
All SOC 2 audits must be completed by an external auditor from a licensed CPA firm. If you plan to use a software solution to prepare for an audit, it’s helpful to work with a firm who can provide both the readiness software, perform the audit and produce a reputable SOC 2 report.
How to Start a SOC 2 Audit
Before starting the SOC 2 audit process, it is important that you’re well-prepared to avoid any lengthy delays or unexpected costs. Prior to beginning your SOC 2 audit, we suggest you follow the below guidelines:
- Undergo a SOC 2 readiness assessment to identify control gaps that may exist and remediate any issues
- Decide which Trust Service Criteria to include in your audit that best align with your customer’s needs
- Choose a compliance automation software tool to save time and cost. Pro tip- select a licensed CPA firm that also offers compliance automation software for an all-in-one solution and seamless audit process that doesn’t require you to switch vendors mid-audit.
During the initial stage of the audit process, it’s important that your organization follow the below guidelines:
- Review recent changes in organizational activity (personnel, service offerings, tools, etc.)
- Create a timeline and delegate tasks (compliance automation software will make this activity much less time consuming)
- Review any prior audits to remediate any past findings
- Organize data and gather evidence ahead of fieldwork (preferably with automated evidence collection)
- Review requests and ask any questions (pro tip- it’s important to choose an experienced auditing firm that’s able to answer questions throughout the entire audit process)
What’s the difference between SOC 2 Type I and Type II?
When determining what type of SOC 2 assessment to undergo you will have two options resulting in two different reports, a SOC 2 Type 1 audit and a SOC 2 Type 2 audit. There are two main differences between the different audit types. The first is the duration of time in which the controls are evaluated. A SOC 2 Type 1 audit looks at controls at a single point in time. A SOC 2 Type 2 audit looks at controls over a period of time, usually between 3 and 12 months.
In addition, SOC 2 Type 2 audits attest to the design, implementation, and operating effectiveness of controls. A Type II provides a greater level of trust to a customer or partner as the report provides a greater level of detail and visibility to the effectiveness of the security controls an organization has in place.
Ready to Start Your SOC 2 Audit?
By obtaining a SOC 2 certification, you can gain a competitive edge and attract more business opportunities. A-LIGN, being the leading provider of SOC 2 audits worldwide, has successfully conducted over 5,000 SOC 2 assessments. We offer comprehensive support and specialized knowledge to guide you through the entire SOC 2 audit process, from preparation to final reporting, ensuring a smooth and successful experience.
No comments yet