Modern companies and organizations deal with enormous amounts of customer information. For this reason, the data must be protected to consistently provide confidence to the users, and obligate with the regulations. Continue reading to learn more about SOC 2 compliance which helps in the data protection process of a company.
What is SOC 2 Compliance?
SOC 2 (System and Organization Controls 2) is a practice guidance designed by the American Institute of Certified Public Accountants (AICPA). It measures the effectiveness of an organisation concerning the protection of customer data under the five Trust Service Criteria:
1. Security – Protecting data from unauthorized access.
2. Accessibility- The systems must always be available and ready for use when called upon.
3. Processing Integration – Ensuring data is processed with the highest level of precision possible so as to be fit for the intended use.
4. Confidentiality – Sustaining maximum privacy to the extent that no unauthorized person can access the information.
5. Privacy – The protection of personal information as per the legal framework of the country’s laws.
SOC 2 is crucial for organizations that deal with their customers’ data, especially SOC 2 in USA, as it has strict data protection laws.
SOC 2 Implementation and Attestation Process
SOC 2 is made up of different steps that need to be followed when implementing this framework:
1. Readiness Assessment
A readiness assessment has to be performed before the audit process begins in organizations. They assist in closing the gaps of the security control system and put the company in a position for a beneficial audit.
2. Define Security Policies and Controls
According to the SOC 2 Trust Service Criteria; the security policies set in the organization need to be very firm. These controls aim at addressing the issue of protection of the data and the security of the system.
3. Monitor and Document Security Practices
One must always pay attention and document various fraud prevention processes. This also assists in proof of compliance during the attestation process.
4. Engage an Auditor for Attestation
A SOC 2 auditor assesses the security controls, security policies and security measures that is before he/she gives out the attestation report.
5. Obtain SOC 2 Compliance Certification
Once the audit is done and in a successful manner, the organization is provided with a SOC 2 compliance certification which indicates security and privacy compliance by the firm.
Understanding SOC 2 Cost
Certain factors determine the SOC 2 cost and these include:
● Company Size – As the number of companies increase, the complexity increases and hence the security cost is higher.
● Scope of Audit – More Trust Service Criteria means a broader audit, and therefore, more expensive.
● Readiness and Gaps – Whenever an organization has security gaps more investment is required for compliance.
● Auditors’ Fees – The amount of fees paid to a certified auditor determines the compliance cost.
SOC 2 compliance is a standard specifically oriented in organizational and customer data protection for secure business processes. Hence by having, SOC 2 implementation and attestation services, businesses ensure their compliance levels in data protection to consumers, thus making them gain the trust of their clients and an improved business reputation.
When it comes to helping businesses with SOC 2 and SOC 2 attestation engagement, Soc2-AICPA is the place to be. We have made it our duty to maintain a proper SOC 2 compliance certification for our clients as a means of improving security and standards compliance. If you need help determining your SOC 2 cost or going through the audit, we are here to make it easy for you.
