Key Takeaways
- Framework for Data Trust: SOC 2® compliance provides a structured framework outlining the requirements for effectively managing and protecting your client’s sensitive data using established controls and safeguards.
- Five Pillars of Assurance: Certification is based on the Five Trust Services Criteria: Security (mandatory), Availability, Processing Integrity, Confidentiality, and Privacy.
- Demonstrable Security Posture: A successful SOC 2® report is a formal attestation that demonstrates your organization’s robust security position to current and prospective clients, enhancing credibility and facilitating business growth.
Demonstrate a Commitment to Data Security with SOC 2®*
Cybersecurity is a continuous process that must evolve to meet ongoing threats. Becoming SOC 2® compliant is one way to show your current and future clients that you take data security seriously and are ready to meet their needs in today’s digital environment.
What is SOC 2®*?
A SOC 2® report outlines the requirements for managing customer data based on the Five Trust Service Criteria. SOC* reports are tailored to your organization in order to analyze the specific controls used to comply with the trust requirements. The Five Trust Service Criteria analyzed in a SOC 2® assessment are:
- Security: Information and systems are protected against unauthorized access, unauthorized disclosure of information, and damage to systems.
- Availability: Information and systems are available for operation and use to meet the entity’s objectives.
- Confidentiality: Information designated as confidential is protected to meet the entity’s objectives.
- Processing Integrity: System processing is complete, valid, accurate, timely, and authorized to meet the entity’s objectives.
- Privacy: Personal information is collected, used, retained, disclosed, and disposed to meet the entity’s objectives.
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How is a SOC 2®* Report Used?
SOC 2® compliance allows your organization to demonstrate a strong security position to your current and future clients. A SOC 2® report shows that you have the necessary controls and safeguards in place to protect your client’s data privacy. Generally, SOC 2® reports cover a twelve-month assessment period, but some organizations opt to complete the assessment every six months.
What Organizations Need a SOC Assessment?
SOC 2® assessments are focused on non-financial controls, primarily data, security, and access. Some examples of organizations that should be SOC 2® compliant are: data centers, SaaS providers, cloud service providers, managed IT service and more. Organizations should review their security and compliance needs as they increase their digital footprint over time.
Who Performs a SOC* Report?
Based on the standards set out by the AICPA, SOC reports can only be performed by an independent Certified Public Accountant (CPA). A licensed CPA firm like Auditwerx offers specialized reporting for information security and provide services to ensure objectivity during your SOC* assessment.
You Can Rely on Auditwerx for SOC 2®*
When it comes to completing a SOC 2® report, you need a partner with extensive asessment experience. Auditwerx is dedicated to creating a transparent, simple assessment experience for our clients. Auditwerx has the experience and accreditation you need for a successful SOC* assesment. If you are ready to get started on your compliance journey, contact an Auditwerx specialist today.
FAQs
What is the fundamental purpose of a SOC* attestation report?
A SOC report serves to formally assure current and future clients that your systems are reliable and your security controls are effective. It provides a formal, independent statement that your organization takes the protection of sensitive data and system integrity seriously.
When does an organization need to pursue SOC* compliance reporting?
You generally need SOC compliance reporting when your services could impact a client’s internal controls over financial reporting (SOC 1®) or when clients require assurance over your operational security, availability, and data protection (SOC 2®). It is often requested by partners in the cloud, technology, and financial industries.
What are the key distinctions between the SOC 1® and SOC 2® reporting frameworks?
The main difference is the scope of the assessment. SOC 1® is relevant to controls that affect a client’s financial statements, whereas SOC 2® is based on the Five Trust Services Criteria and analyzes your operational risk management outside of financial reporting.
What are the Five Trust Services Criteria evaluated in a SOC 2® assessment?
A SOC 2® assessment evaluates system controls based on five categories that clients rely on: Security, Availability, Processing Integrity, Confidentiality, and Privacy.