SOC stands for “System and Organization Controls,” and the controls are a series of standards designed to help measure how well a given service organization conducts and regulates its information. The purpose of SOC standards is to provide confidence and peace of mind for organizations when they engage third-party vendors.
Organizations are growing increasingly sensitive to the potential financial and reputational risks associated with using service providers. Now, more than ever, customers, regulators, and business partners want to know that their data is being properly protected by their service providers.
The need for such knowledge about data security has placed a growing burden on the service providers themselves, and many are now investing significant time and resources towards responding to the various independent attestation requests they receive from their customers.
With SOC 2 reporting, service providers can now take a more efficient approach that can deliver improved customer confidence and potentially reduce costs.
Developed by the American Institute of CPAs (AICPA), SOC 2 defines criteria for managing customer data based on five “trust service principles”—security, availability, processing integrity, confidentiality and privacy.
More specifically, SOC 2 is designed for service providers storing customer data in the cloud. It requires companies to establish and follow strict information security policies and procedures encompassing the security, availability, processing, integrity, and confidentiality of customer data.
Following the results of Phase I, THI’s SOC 2 consultants employ various methods to conduct the gap analysis:
Once the policies and risks are mitigated, controls undergo testing for a specified duration, tailored to client report requirements.
At this stage:
The selected CPA firm conducts an audit, encompassing the following phases:
Upon the CPA firm’s confirmation of the completeness of the controls, a formal report is provided to the client outlining the tested controls along with their results.
At this point, the client achieves official SOC 2 attestation.
When competing for high-value projects in uncharted areas, SOC 2 compliance might be the determining factor. It not only confirms your compliance with established data privacy requirements, but it also increases client trust in your business.
Prospects will be more confidence in engaging into contracts with you if they know their data is in secure hands, thanks to this compliance. As a result, it is the most straightforward technique for increasing income and closing more business.
SOC 2 isn’t required, but it is something to think about if you want to show your customers that you care about the integrity and protection of their data.
SOC 2 reports offer transparent insights into the organization’s control environment, helping clients and stakeholders understand the measures in place to safeguard their data.
Organizations can use SOC 2 reports to assess the security practices of their vendors and third-party service providers, making informed decisions about whom to work with.
A positive SOC 2 report fosters stronger client relationships, as clients have confidence in the organization’s ability to handle their data securely.
SOC 2 audits promote a culture of security awareness among employees, encouraging vigilance and responsible data handling.
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