Benefits of SOC 2 Compliance

SOC 2 is relevant to all service providers or service organisations that process or store data on behalf of their customers.

SOC 2 audit reports provide independent assurance about a service organisation’s information security controls and the operating effectiveness of those controls.

SOC 2 audits are based on five AICPA Trust Services Criteria (TSC): security or common criteria (the only mandatory TSC), availability, processing integrity, confidentiality, and privacy.

SOC 2 Audits are based on Five AICPA Trust Services Criteria (TSC)

You can find more information about the 5 Trust Services Categories (TSC) and audit types on our consultancy services page.

What are the Benefits of SOC 2 Compliance?

A customer has requested a SOC 2 report from you and the whole SOC 2 compliance process is going to take a considerable amount of time, effort and resources. What exactly will be the benefits of SOC 2 compliance and what return will your company get from the investment in the SOC 2 audit process?

Enhance Reputation and Assurance

Achieving SOC 2 compliance is evidence that you take information security seriously and have implemented a wide range of controls to help prevent a data breach or a cyber attack. This will hopefully provide prospective and existing customers with some assurance that you are a secure and responsible company to do business with and in turn this will have a positive impact on your reputation which helps to attract and retain customers.

Competitive Advantage

Having a SOC 2 report available will give your business an edge over competitors that don’t have it as some companies will only work with suppliers that hold a current SOC 2 report.

Marketing Differentiator

If you obtain a SOC 2 report this can definitely set you apart from those that have not invested the time and effort into achieving SOC 2 compliance. You can proudly display the AICPA logo on your website.

Regulatory Compliance

Achieving SOC 2 compliance helps your business comply with legal and regulatory requirements. In the UK and Europe this equates to compliance with data protection laws like the UK Data Protection Act 2018 and the GDPR.

Align with Other Standards and Frameworks

SOC 2 requirements and controls align with other frameworks and standards including HIPAA and ISO 27001 certification. This means that it can make life easier when you want to achieve compliance with other standards. If you have these standards or frameworks in place you will already have a firm foundation in place on which to build your SOC 2 compliance project.

Improve Security Posture

When you have implemented security measures or controls for preventing data breaches this will assure your clients that their data is secure. And the SOC2 report is evidence that the organisation has met established security criteria to ensure that their system is protected against unauthorised access.

Independent Third Party Assessment

SOC 2 audits are required to be conducted by a CPA auditor who are registered with the AICPA. The auditor assesses your system description against the controls you have in place and makes a judgement or attestation that the controls you have in place mitigate your risks. By having this third party audit conducted you are inviting in an independent third party to assess and report on your control framework and the operating effectiveness of your controls.

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