SOC 2

The System and Organization Controls 2 (SOC 2) is quickly becoming one of the most sought- after compliance standards in North America. The SOC 2 framework is an auditing procedure that ensures your service providers securely manage the data to protect the interests of your organization and client’s privacy on the five principles mentioned below.

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Why Choose Accorian For Your SOC 2 Report?

Our auditors come from extensive technical backgrounds and hold nuanced expertise in data security. It enables them to comprehensively assess the system and controls of your organization’s security. 

Our team of IT audit professionals and experts  can formulate Type 1 and Type 2 reports for SOC 2 audits. These include gap assessments and the identification and implementation of necessary controls on behalf of your service business, no matter where you are. 

You can rest assured that we will thoroughly examine your environment, and not merely focus on meeting a specific reporting need. 

We will also assist you in developing the best possible privacy and security stance which will increase your value in the marketplace and give you an upper hand over competitors.

What Is A SOC 2 Report?

Organizations pursuing a System and Organization Control 2 (SOC 2) audit or attestation often seek measures to increase customer confidence in their operations.

A SOC 2 report is a vital document for service businesses to acquire. They can share it with stakeholders to show that general IT controls are in place to protect the service they provide.

SOC 2 audits make use of the AICPA's Trust Services Criteria (TSC) methodology and Trust Services Principles (TSP).

The core performance criteria that a SOC 2 report may include are:

Security

Prevention of illicit or detrimental data usage and disclosures.

Availability

Consistent access to user-facing information and systems.

Process Integrity

Completion, punctuality, and authorization of all procedures.

Confidentiality

Protection against security breaches of legally safeguarded information.

Privacy

Protection against unauthorized disclosure of personally identifiable data.

What Is A SOC 2 Attestation?

The SOC 2 audit or report is a way to assure your clients that your environment has a basic set of information security controls in place.

The SOC 2 audit verifies that the IT controls of an organization are correctly aligned, developed, and implemented to fulfill the performance criteria.

A SOC 2 report is made to fit the needs of each organization. Based on its business practices, each organization can develop controls centred around one or more trust principles.

Who Should Get SOC 2?

SOC 2 reports are often required for service firms across industries that store, process, or transfer sensitive data for their clients.

We serve a diverse portfolio of industries, including:

Technology and cloud computing entities
Data centres
Companies providing loan services
Web hosting service providers
Virtual currency service providers & Several Others
SaaS (Software as a Service) Providers
Managed IT service providers (web server, email hosting, document management, restoration service providers, cloud-based services, dedicated servers, system administrator, and other services)
Processors of payrolls and medical claims

SOC2 Implementation Stages

Types Of SOC Reports

01

Type 1 SOC Report

Auditors present their view on the quality and accuracy of how management describes their system or service.
Type 1 reports also ascertain whether or not the control design is satisfactory as of a certain date.
It does not check over time to see if the controls are still functioning properly.
A systematic SOC evaluation and report is produced on the design and implementation of controls on a certain date.
02

Type 2 SOC Report

SOC 2 Type 2 attestation is considerably more complex and thorough than a Type 1 attestation.
It entails an in-depth, long-term examination of how effectively an organization's security program performs over time.
Rather than examine how effectively the security program should fulfill the organization's goals, it investigates how well it really accomplishes those objectives with consistency.
A structured SOC analysis and report is produced on the design adequacy and operational effectiveness of controls over time. This is to make sure that the controls in place were working well during the examination period.
For a Type 2 report, we look at samples of controls like HR management, logical accessibility, and organizational change.

Integration of Other Frameworks

We can combine your SOC 2 report with other projects to avoid audit exhaustion. We can even produce a single report that includes HITRUST, ISO 27001/27002, HIPAA, and other standards using our knowledge of diverse frameworks.

In order to prepare your organization to handle today's rising compliance demands, our team will bring together risks, controls, policies, frameworks, challenges, and more.

Benefits Of Being SOC 2 Compliant

If clients are apprehensive of a company's data security safeguards, providing a SOC 2 report gives authentic confidence assurance. Client confidence, incident impact reduction, and easier compliance are all advantages of SOC 2 Type 2 certification.

01

It embellishes brand reputation

A SOC 2 report showcases dedication to corporate governance. The SOC 2 certification confirms that an organization has taken all necessary procedures to prevent data breaches. This, in turn, helps to build a strong sense of reliability and boosts the brand's reputation in the market.

06

It can assist you with other regulatory obligations

By providing a single report that addresses a service organization's common requirements for several customers, SOC Attestation minimizes numerous compliance duties. SOC 2 standards are consistent with some other frameworks like HIPAA and ISO 27001 accreditation. So, complying with new regulatory requirements also becomes more straightforward.

03

You have the ability to provide better service

Your organization will be able to simplify processes and controls based on an awareness of the data security threats that your clients face. As a result, this will improve the overall performance of your services.

02

It gives you a competitive edge and serves as a marketing differentiator.

Companies are focused on collaborating with secure providers that have implemented sufficient precautions to avoid data breaches. To prove that they are trustworthy, vendors must complete a SOC 2 audit.

SOC 2 compliance gives you an edge on rivals who don't have a SOC 2 report, and with customers that need one. SOC 2 certification is also required for businesses looking to extend their activities in the market.

04

It increases customer satisfaction

A larger range of stakeholders gets confidence that their data is safe, and that internal processes, policies, and control are verified against industry best practices.

05

It provides valuable insights

A SOC 2 study may provide valuable insight into your company's risk and safety posture, supplier relationships, internal control systems, governance, regulatory oversight, and more.

05

You can improve your business's efficiency

In order to evaluate operational effectiveness, SOC 2 Type 2 auditing requirements need a minimum of six months of documentation and validation of the controls.

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The Accorian Advantage

Accorian’s cybersecurity and compliance teams bring a wealth of experience to help navigate organizations through their information security journey. Our hands-on, white-glove approach combined with a goal-oriented, proven methodology brings both fiscal value and expertise to each of our clients. The facts speak for themselves.

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          Posted On: 09 May, 2022

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