ISAE 3000 | SOC 2 and ISO 27001
ISAE 3402 | SOC 2
ISAE 3000 | SOC 2 is the international standard for security and other non-financial information. ISAE 3402 is applied when there is outsourcing involving financial information processed by the service organization. If this is not the case, then SOC 2 can be used, for example, when only the General IT Controls (GITC’s) are included in the scope of the SOC report. The SOC 2 standard does not include provisions for internal control; for example, the COSO framework. These components are therefore not mandatory in a SOC 2 report. In the United States, the standards for SOC 2 reports are the Trust Services Criteria and SSAE 18, which include specific requirements for GITCs at service organizations. If a SOC 2 report is prepared according to the Trust Service Criteria, then these components are mandatory.
ISO 27001
Information security is important for every company. The ISO 27001 standard is an international framework for information security. ISO 27001 can be used to establish information security. Risklane has over 10 years of experience in setting up risk management structures, information security, and process improvement. Information security must always have added value, making the organization more manageable, and ISO 27001 provides opportunities for new customers.
Which one is more suitable for you?
Both standards are intended to provide assurance to your customers. There are three key considerations for what will best suit your customers:
- Has your customer(s) specifically requested or mandated one of the two standards?
- Where are your customers located?
- In which sectors are your customers active?
Customers prefer the standard they are more familiar with. European customers tend to prefer ISO 27001, while SOC 2 is preferred in the US. The financial services sector prefers SOC 2, aligning with their focus on operational effectiveness and stemming from the accounting practice applicable to their business and legal requirements more broadly.
It is best to discuss the approach with existing customers and/or any potential customers. This way, you won’t be caught off guard and can make an informed choice.
