Service Organization Control (SOC) 2
A SOC 2 report is an important asset for organizations, and it’s becoming more of a mandate than a nice-to-have. But getting a SOC 2 report can be time-consuming and expensive, especially if your organization doesn’t have compliance expertise or modern tools to handle the work. Here’s the good news: there is a way to gain control over your SOC 2 compliance program and dramatically reduce your workload.
Hyperproof’s continuous compliance software solution helps organizations avoid pain, confusion, wasting time and dollars when it comes to managing their infosec compliance programs. Sign-up for a personalized demo to see how we can help you with your SOC 2 effort:
SOC 2 program template translates the SOC criteria into a well-structured plan and breaks down the key milestones
Quickly collect evidence to document your efforts toward SOC 2 compliance
Frictionless collaboration between compliance teams and their auditor
Reuse evidence across multiple frameworks and controls
Assign controls to program participants and keep team members on track
Dashboards to gauge progress and audit preparedness posture
What is SOC 2?
Developed by the American Institute of CPAs (AICPA), a SOC 2 report provides insight into internal controls that exist within an organization to address risks related to security, availability, processing integrity, confidentiality and/or privacy. The report is independently validated by a CPA and uses specific criteria, methodology and expectations that enable consistency in comparison across organizations. Before a SOC 2 report is issued, an independent CPA conducts an assessment of the scope, design, and (for Type 2 reports) the effectiveness of internal control processes. The scope of a SOC 2 report is determined by your organization and your SOC 2 assessor.
What Are the Benefits of SOC 2 Compliance?
SOC 2 is a must-have for any organization that manages customer data, or integrates with business partners. If you’re selling software or services, your customers will want to see your SOC 2 report to have confidence that their data will be protected, and that you won’t introduce vulnerabilities into their systems. If your customers or business partners are in highly regulated fields or are publicly traded companies, a SOC 2 report is imperative to be considered as a viable vendor.
A SOC 2 report can also help reduce audit fatigue by eliminating or reducing the need for audits from customers and business partners. As part of their risk management practices, many companies annually audit their customers and business partners. This can result in being bombarded with a high volume of time consuming audits coming from multiple sources. A SOC 2 report is a great solution for this, as companies will often accept a SOC 2 report in place of conducting a separate audit.
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Type 1 vs. Type 2
Type 1
Type 2
See How Hyperproof Makes the SOC 2 Process Easier
What Industries Need SOC 2?
SOC 2 certification is a need that spreads across industries. Because it’s so widely adopted and acknowledged, many procurement and security departments require a SOC 2 report before they approve the purchase of your software or service. If your business handles any kind of customer data, getting a SOC 2 report will help show your customers and users that you are committed to protecting their data. Healthcare, retail, financial services, SaaS, cloud storage and cloud computing companies are some of the businesses that will benefit from achieving SOC 2 certification.
When Should Your Company Invest in SOC 2?
Depending on the current state of your security and compliance program, getting your program in shape to pass a SOC 2 audit can take anywhere between a few months to more than a year. To figure out when it’s the right time to invest in SOC 2, you’ll need to consider the following key factors:
When will you be in-market?
- New employee on-boarding policy
- Company handbook (also known as Code of Ethics and Business Conduct)
- Information security policies
- Business continuity and disaster recovery policies
- Privacy policy
See How Qorus Software Uses Hyperproof to Gain Control Over Its SOC 2 Compliance Program
Which SOC 2 Software is Right For My Business?
Hyperproof is a continuous compliance software solution that helps organizations get through SOC 2 Type 1 and Type 2 audits faster and more cost-effectively.
SOC 2 program template translates the SOC criteria into a well-structured plan and breaks down the key milestones
Quickly collect evidence to document your efforts toward SOC 2 compliance, shared seamless between compliance teams and their auditor
Reuse evidence across multiple frameworks and controls
Assign tasks to program participants and keep team members on track
Dashboards to gauge progress and audit preparedness posture
Similar requirements across multiple frameworks automatically mapped, scale up your compliance programs efficiently
