ROAD TO COMPLIANCE
STEP-BY-STEP SOC 2 GUIDE
Download our step-by-step guide to SOC 2 compliance! Find out more about the SOC 2 standard and the Trust Services Criteria. Learn how to prepare the scope of your SOC 2 project, and the project phase of a SOC 2 implementation and audit.
ASSURANCE | SOC 2
SOC 2 COMPLIANCE
Reassure your clients and investors that their data is in safe hands by obtaining a SOC 2 assessment report from the European leading issuer.
Leveraging our skilled auditing team and highly efficient compliance management strategy, we ensure a streamlined path toward SOC 2 compliance, completing the process in a fraction of the time compared to other auditors.
Initiate your journey toward SOC 2 compliance today, gaining a competitive advantage, accelerating deal closures, and securing more business opportunities.
SOC 2 REPORTS
Becoming SOC 2 compliant plays a pivotal role in instilling trust and confidence among your clients. The market indicates that clients and partners prioritize providers who can demonstrate commitment to the highest standards of data security and integrity.
The primary criteria essential for SOC 2 compliance are the Security and Availability criteria, collectively referred to as the Common Criteria. Additionally, there is an option to include criteria for processing integrity, confidentiality, and privacy. Incorporating these elements, especially when handling sensitive customer data, ensures that your organization is prepared to meet evolving security challenges and adhere to industry standards.
After completing the implementation and auditing process with Securance, your organization will receive a SOC 2 report that articulates your commitment to security and compliance. The SOC 2 report includes an executive summary, providing a high-level overview of the audit process and key findings. It also delves into the specific controls and procedures implemented in response to each Trust Services Criterion. This detailed breakdown offers both your organization and its clients a clear understanding of the security measures in place.
A SOC 2 Type I report includes an opinion of an external auditor on the existence of the controls placed in operation at a specific moment in time. The external auditor examines, whether the controls are suitably designed to provide reasonable assurance that the financial statement assertions are accomplished and whether the controls are in place.
In a SOC 2 Type II report, the external auditor reports on the suitability and existence of the design, controls and on the operating effectiveness of these controls in a predefined period of six months minimum. This implies that the external auditor performs a detailed examination of the internal control of the service organization and also examines whether all controls are operating effectively in accordance with the predefined processes and controls.
KEY BENEFITS FOR YOUR ORGANIZATION
Why SOC 2?
Outsourcing the processing or hosting of data requires third-party assurance of security, availability, confidentiality, processing integrity, and privacy of data. SOC 2 audits are external confirmations that these criteria are met.
Many organizations require their suppliers and partners to adhere to certain security and industry standards. Achieving SOC 2 compliance gives your company a competitive advantage, making it more appealing to potential clients who prioritize data security and compliance.
The SOC 2 implementation process helps identify and mitigate risks associated with information security. By implementing and following the controls outlined in the SOC 2 framework, a company can reduce the likelihood of security incidents and the potential impact on its operations and reputation.
Audits performed by our group company Certicus will help you to continuously improve procedures and reduce the interruption of business operations by multiple user organization audits.
The difference between
soc 1 AND soc 2
SOC1
SOC2
SCOPE
SOC 1 focuses on controls relevant to financial reporting.
It is designed for service organizations whose activities impact their clients’ financial statements.
SOC 2 always addresses the security and availability criteria within its scope. The criteria of processing integrity, confidentiality, and privacy are optional.
APPLICABILITY
Applicable to any organization storing or processing customer data, particularly in the technology and SaaS sectors.
CRITERIA
SOC 2 follows the Trust Service Criteria developed by the AICPA. These include security, availability, processing integrity, confidentiality, and privacy. The emphasis is on ensuring the overall security and reliability of systems, not just financial controls.
CLIENT IMPACT
For clients seeking assurance about the accuracy of financial data, SOC 1 is crucial. It proves that the service organization’s controls adequately protect the integrity of financial information.
Report Types
Audience
Industry Focus
Trust Service Criteria SOC1
Focuses on controls related to financial statement assertions, including the completeness, accuracy, and timeliness of financial transactions.
Trust Service Criteria SOC2
Concentrates on controls ensuring the security, availability, processing integrity, confidentiality, and privacy of information systems and data.
Report Types SOC1
Typically results in a Type I or Type II report. Type I evaluates the suitability of design controls at a specific point in time, while Type II assesses the effectiveness of controls over a period.
Report Types SOC2
Also generates Type I and Type II reports, with Type II being more comprehensive as it evaluates the operational effectiveness of controls over time.
SCOPE
SOC 1 focuses on controls relevant to financial reporting. It is designed for service organizations whose activities impact their clients’ financial statements.
SOC 2 always addresses the security and availability criteria within its scope. The criteria of processing integrity, confidentiality, and privacy are optional.
APPLICABILITY
Relevant for service organizations that handle financial transactions or impact the financial reporting of their clients.
Applicable to any organization storing or processing customer data, particularly in the technology and SaaS sectors.
CRITERIA
SOC 1 follows the criteria set by the American Institute of Certified Public Accountants (AICPA) and focuses on controls relevant to financial reporting, such as transaction accuracy and completeness.
SOC 2 follows the Trust Service Criteria developed by the AICPA. These include security, availability, processing integrity, confidentiality, and privacy. The emphasis is on ensuring the overall security and reliability of systems, not just financial controls.
CLIENT IMPACT
For clients seeking assurance about the accuracy of financial data, SOC 1 is crucial. It proves that the service organization’s controls adequately protect the integrity of financial information.
Clients concerned about the security and privacy of their data, find reassurance in SOC 2. This framework assures robust measures to safeguard sensitive information.
REPORT TYPES
Typically results in a Type I or Type II report. Type I evaluates the suitability and existence of design controls at a specific point in time, while Type II assesses the effectiveness of controls over a period.
Also generates Type I and Type II reports, with Type II being more comprehensive as it evaluates the operational effectiveness and existence of controls over time.
Industry Focus
Commonly requested in industries with a focus on financial services and outsourcing.
Prevalent in technology, cloud computing, and SaaS industries, where data security and privacy are critical considerations.
TRUST THE EUROPEAN LEADING PROVIDER OF SOC 2 REPORTS
Securance, Europe's leading provider of SOC 2 reports, takes cybersecurity to the forefront. Renowned for our expertise and efficient working method, we guide organizations through the SOC 2 compliance journey, showcasing their unwavering commitment to cybersecurity and privacy.
As your trusted independent SOC 2 auditor, Securance meticulously assesses the evidence you present for controls within each category, culminating in the issuance of a comprehensive SOC 2 report. This isn't just about compliance; it's about fortifying your digital presence with the assurance that comes from Europe's cybersecurity market leader—Securance.
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