Key Takeaways
- Voluntary Standard, Mandatory Demand: The SOC 2® report is a voluntary compliance standard developed by the AICPA (American Institute of Certified Public Accountants), but it is quickly becoming a non-negotiable requirement from vendors and clients. Failure to demonstrate this strong security posture could result in the loss of new business.
- Five Pillars of Trust: The foundation of the SOC 2® framework rests on the Five Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy. The report offers detailed assurance that services are secured from intrusion, available to meet client needs, process data consistently, and store information in a protected manner.
- Protection Against Financial Risk: The cost of completing a SOC 2® assessment should be viewed as an investment, as it is generally less expensive than the potential cost of a data breach. In 2022, the global average cost of a data breach was $4.35 million U.S. dollars, which includes costs related to detection, response, and lost business opportunities.
Offer Peace of Mind with a SOC 2®* Report
A SOC 2® certification offers detailed assurance of cybersecurity controls in place at service organizations like yours. When information and data security are top of mind for your clients, a SOC 2® report can offer the peace of mind they need.
What is a SOC 2®* Report?
A SOC 2® report is a voluntary compliance standard for service organizations like yours, developed by the AICPA (American Institute of Certified Public Accountants) to determine how organizations should manage and protect sensitive customer data. There are five key aspects that the assessment can analyze under the SOC 2® framework: security, availability, processing integrity, confidentiality, and privacy. These are called the Five Trust Services Criteria.
On a basic level, the SOC 2® report offers a third-party attestation that your services are secured from intrusion, available to meet your client’s needs, process data consistently, and store necessary information in a protected manner.
Speak to a Compliance Specialist.
Why SOC 2®*?
You might be asking yourself, “If SOC 2® is not a mandatory compliance standard, then why does my organization need it?” Good question. SOC 2® is quickly becoming required by vendors who want a trustworthy overview of your systems and controls. Not being able to demonstrate a strong security posture could cause your organization to lose new business. More and more vendors are asking for SOC 2® compliance attestation, don’t wait until it’s too late!
Don’t dismiss the competitive advantage of offering your clients peace of mind over your cybersecurity controls. Being able to show that your organization has completed the rigorous compliance process shows that your systems and networks are secure and reliable for your clients.
SOC 2® certification can help your organization’s compliance efforts in more ways than one. The SOC 2® requirements complement additional frameworks such as HIPAA and ISO 27001, meaning that your assessment can be mapped to other frameworks efficiently – saving your organization time and money.
How Much Does SOC 2®* Reporting Cost?
Concerned about the ROI on the cost of a compliance assess e t? It’s cheaper than the potential cost of a data breach.
In 2022, the global average cost of a data breach was $4.35 million U.S. dollars (Statista). This includes costs related to detection and notification of a breach, response activities, post-response monitoring and lost business opportunities due to diminished customer confidence.
The cost of a SOC 2® assessment is dependent on the maturity and complexity of your security environment and can vary between organizations. Auditwerx offers transparent scoping to ensure an accurate estimate before you begin your report.
Choosing a SOC 2®* Partner
When it comes to SOC 2®, you need an experienced team. From analyzing the effectiveness of your current controls during a readiness assessment, to signing off on your final report, our specialized team works with you to make the SOC 2® process simple – so you can get back to business. If you are ready to get started with SOC 2®, contact Auditwerx today.
FAQs
A SOC 2® report is a third-party attestation designed to show how a service organization manages and protects sensitive customer data, offering clients peace of mind regarding cybersecurity controls.
The SOC 2® standard is a voluntary compliance framework developed by the AICPA (American Institute of Certified Public Accountants).
The assessment analyzes five key aspects, known as the Five Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy.
The certification provides a significant competitive advantage by demonstrating that an organization has completed a rigorous compliance process, proving its systems and networks are secure and reliable for its clients.
The requirements complement and can be efficiently mapped to additional compliance frameworks, such as HIPAA and ISO 27001, saving the organization time and money on multiple compliance efforts.
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Auditwerx Team
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