In the age of everything digital, a lot of our data is stored across different systems and databases – making the security of information systems paramount. With the threat of data breaches and other cyber attacks, organizations must keep their walls up to prevent the long-term damage that these threats can inflict.
A SOC 2 certification serves as a shield in this digital battle, providing a framework that ensures that the established security measures are continuously monitored. With SOC 2 compliance, organizations not only get to strengthen their defenses but also show their commitment to protecting client data. In this article, we’ll get to know about the SOC 2 certification in detail – from its definition to its benefits to organizations.
What Is SOC 2?
SOC 2 stands for Service Organization Control 2 – a framework designed by the American Insitute of Certified Public Accountants (AICPA) that applies to organizations storing customer data in the cloud. It’s an auditing procedure that the organization’s controls meet the “Trust Service Criteria” consisting of the following.
- Security
- Availability
- Processing Integrity
- Confidentiality
- Privacy
In a world where cyber-attacks become more prevalent, securing a SOC 2 certificate is a symbol of trust. It reassures clients that the organization follows rigorous standards to safeguard their data.
How Do I Get a SOC 2 Certification?
Now we’ve covered the definition of SOC 2, we’ll guide you through a step-by-step process of getting a SOC 2 certification, including its associated costs.
Understand the Requirements
First, it’s imperative to understand how the Trust Services Criteria apply to your organization. By doing so, you can align your processes accordingly.
Select a Qualified Auditor
A SOC 2 assessment is conducted by a CPA or a certified audit firm that specializes in SOC 2 audits. By choosing an experienced auditor, you get a more comprehensive evaluation. The costs may vary according to the complexity of the audit.
Conduct a Gap Analysis
By conducting a gap analysis, you can find out where your current practices fall short of the standards required by the SOC 2 framework. The results of the gap analysis can inform strategic planning, allowing organizations to allocate resources effectively.
Implement Necessary Controls
Based on the results of the gap analysis, some controls may have to be modified or even implemented. Controls may include policy updates and security improvements, among others.
Undergo the Audit Process
Undergoing the audit process requires you to coordinate with an auditor to undergo a comprehensive evaluation. The audit includes an examination of the organization’s systems, controls, and processes.
Address the Audit Findings
Should the audit reveal areas needing significant improvement, the findings must be addressed immediately. You might have to refine policies and controls in accordance with SOC 2 standards.
Once you comply with these requirements, you receive a SOC 2 report which you can share with clients and other stakeholders. However, note that obtaining a certification isn’t and shouldn’t be a one-time event – exhibiting your commitment to security requires regular monitoring and period re-audits.
Benefits of SOC 2 Compliance
With that said, it’s easy to see why there are plenty of advantages to getting a SOC 2 certification. Let’s dig deeper into the benefits they bring:
Building Customer Trust
One of the biggest benefits of obtaining a SOC 2 certification is building customer trust. This allows organizations to build relationships with existing clients and forge new relationships with clients who value data protection.
Marketing Advantage
A SOC 2 certificate serves as a badge of trust. Hence, it can be leveraged in multiple marketing strategies – setting an organization apart. And as a globally recognized standard, this certificate can help facilitate the entry of an organization into international markets, thereby expanding the client base.
Risk Mitigation
Data breaches have become increasingly common in the digital space. As a result, organizations are learning how to keep their walls up with the help of a SOC 2 certificate. By adhering to SOC 2 standards, organizations can easily identify vulnerabilities and address them to reduce the potential risks brought about by these security threats.
Regulatory Compliance
Organizations that deal with the handling of data have lots of regulations to follow. By complying with SOC 2 standards, it becomes easier to comply with other regulations such as GDPR. You solve more than two problems at one time – making compliance with regulations more efficient.
Final Thoughts
In a world where cyber attacks keep getting more frequent, it’s now more important than ever to invest in secure information systems. One way to achieve that is by obtaining a SOC 2 certificate. There are plenty of benefits associated with acquiring one such as the marketing advantage it brings and the boost in customer trust.
However, obtaining a SOC 2 certificate doesn’t come easy. With multiple steps involved in the certification process, organizations have to consider this as a significant investment of their resources. But if there’s one thing that’s certain, it’s this: the multitude of benefits that a SOC 2 certificate provides makes it an indispensable asset for organizations that strive to build a culture of security.
