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SOC 2 Audit Reports
SOC 2: Ensuring Data Security, Availability, and Integrity for Modern Businesses
SOC 2 audits focus on controls at a service organization relevant to 5 Trust Services Principles and Criteria issued by The American Institute of Certified Public Accountants (AICPA). Whereas SOC 1 Audits comprises internal controls over financial reporting.
SOC 2 reports are essential for any service organization that manages sensitive data, offering assurance that proper controls and safeguards are in place to protect your systems and data. SOC 2 audits, unlike SOC 1, focus on non-financial reporting controls that cover security, availability, processing integrity, confidentiality, and privacy. These audits are based on the five Trust Services Criteria developed by the American Institute of Certified Public Accountants (AICPA).
At its core, SOC 2 compliance establishes the baseline for organizations to show clients, partners, and regulators that they are committed to data security and system reliability. By undergoing a SOC 2 audit, companies can provide evidence that their systems are secure, available, and operating with integrity. Whether you're in technology, healthcare, finance, or other industries, proving that your services meet SOC 2 standards is critical to maintaining customer trust and ensuring your operations are compliant with today’s stringent security requirements.
The 5 Trust Services Criteria for SOC 2
The SOC 2 report evaluates your organization’s compliance with five Trust Services Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy. Let's explore each of these criteria in depth to understand how they collectively ensure the secure management of your systems.
Security
Security ensures the protection of information and systems against unauthorized access and disclosure. This fundamental criterion establishes safeguards that maintain the integrity of data throughout its lifecycle, from creation to disposal, ensuring that organizational assets remain protected against both internal and external threats.
Availability
Availability focuses on ensuring that information systems and data are accessible when needed for organizational operations. This criterion addresses the readiness of systems and information to support continuous business operations, emphasizing the importance of reliable access to resources critical for meeting business objectives.
Processing Integrity
Processing integrity ensures that system operations are complete, accurate, timely, and properly authorized. This criterion focuses on maintaining the quality of information processing throughout all stages of data handling, ensuring that systems perform their intended functions reliably and produce expected results.
Confidentiality
Confidentiality encompasses the protection of sensitive information throughout its entire lifecycle within an organization. This criterion establishes the frameworks necessary to safeguard proprietary data, trade secrets, and other protected information from unauthorized access or disclosure, ensuring that information remains secure from collection through disposal.
Privacy
Privacy governs the collection, use, retention, and disposal of personal information in accordance with organizational objectives and requirements. This criterion establishes the framework for managing individual privacy rights and expectations, ensuring that personal data is handled with appropriate care and respect throughout its lifecycle.
SOC 1 vs. SOC 2
While both SOC 1 and SOC 2 reports are essential for service organizations, they focus on different aspects of controls. A SOC 1 audit covers financial reporting controls, primarily evaluating the processes that could affect the financial statements of user entities. SOC 2, on the other hand, focuses on the security, availability, processing integrity, confidentiality, and privacy of systems. As such, SOC 2 is more relevant for organizations that handle data that is sensitive but not necessarily financial in nature.
For example, a software-as-a-service (SaaS) provider may not need a SOC 1 report but would benefit greatly from a SOC 2 report to demonstrate the security and availability of its platform.
Watch the video to learn more about the differences.
The Benefits of SOC 2 Compliance
Obtaining a SOC 2 audit report provides numerous advantages for organizations, including:
- Improved Trust and Security Assurance: By meeting SOC 2 requirements, businesses can reassure customers and partners that their systems are secure.
- Enhanced Compliance: A SOC 2 report demonstrates compliance with industry standards and regulatory requirements, reducing the risk of penalties.
- Operational Efficiency: The audit process often leads to improved operational controls, reducing downtime and potential security incidents.
- Competitive Advantage: Organizations with SOC 2 compliance can distinguish themselves in competitive industries, particularly when working with clients who demand high security standards.
Ensure your organization is prepared to meet the highest security and operational standards with SOC 2 compliance. If you're ready to take the next step, reach out to our experts to schedule a consultation and learn more about the benefits of SOC 2 and how it can strengthen your business. By working with our team, you can ensure your systems are secure, reliable, and compliant with today’s demanding security standards.
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Understanding of SOC 1, SOC 2, and SOC 3 today.
Combine your SOC 2 Audit Report to:
- Improve compliance with industry regulations.
- Reduced risk of security incidents.
- Improve security assurance for customers and partners.
- Increase efficiency and cost savings.
SOC 2 + CSA STAR
We combine a SOC 2 and CSA STAR report to demonstrate companies have met the security requirements of both standards.
SOC 2 is a well-known and established standard for security, while CSA STAR is a cloud-specific standard that focuses on security controls for cloud service providers. By combining the two reports, you'll have a comprehensive approach to security, compliant with both industry standards.
SOC 2 + HITRUST
The combination of a SOC 2 and HITRUST Certification can be a valuable tool for healthcare companies that want to illustrate their commitment to security.
HITRUST is a more comprehensive framework than SOC 2, and it includes requirements for security, privacy, and compliance with specific regulations.
To learn more about complementary compliance solutions, reach out to our team below.