SOC 2 Compliance opens up new opportunities for small and medium sized companies. The attestation helps you provide services to the largest organisations around European member states, including the UK. 

Businesses are increasingly looking for ways to outsource critical functions cyber_security_simple_green_5.pngin an effort to not only reduce cost but also to lessen the burden on in-house staff, thus freeing employees to focus on more important projects and tasks. As these business functions and their associated data shift over to third-party SaaS or cloud computing providers, companies are faced with a growing risk of data theft and extortion along with costly liability should there be a data breach.  

The SOC 2 audit is one important step toward offering that assurance to businesses that use cloud or SaaS providers. A SOC 2 audit is a Service Organisation Control compliance standard that evaluates the policies and processes in place that protect a client’s data when it is transmitted, stored, and managed. The audit also looks into the aspect of controls to ensure system and data availability. To this end, service organisations earning SOC 2 compliance meet an elevated level of trust criteria. 

cyber_security_simple_green_7.pngWhat is SOC 2 compliance? 

SOC 2 compliance is an esteemed designation offered to organisations that pass the SOC 2 auditing procedure. This audit is conducted by outside, impartial auditors and was developed by the American Institute of CPAs, or AICPA. 

To earn SOC 2 certification, a service organisation must meet five trust service principles, namely Security, Confidentiality, Privacy, Availability and Processing Integrity. 

SOC 2 Type 1 vs SOC 2 Type 2 

There are two types of SOC 2 audit reports that a service provider can obtain, Type I and Type II. The SOC 2 Type I audit looks into whether a company has sufficient internal controls in place to manage customer data based as at a specific point in time. It also looks to ensure those controls are designed appropriately to meet the service provider’s objectives.  On the other hand, a SOC 2 Type II audit delves further to investigate the operational effectiveness of those controls and covers a period of time, normally between 6 to 12 months. 

Our SOC 2 practice covers three main areas as follows:  

  • SOC 2 GAP Assessments are designed to detect and document any control concerns and get you on a fast path to resolution prior to the start of the audit period. Whether you are undergoing a SOC 2 Type I audit or a SOC 2 Type II audit, we can assist you with prioritising controls. 
  • SOC 2 Audit Assistance is aimed at the collection process which can take a considerable amount of time and effort from your employees. We have developed a programme designed to help with the evidence collection process. This is typically an engagement covering a few weeks that is spread throughout the audit period. We represent you during the onsite review and support you with the offsite document requests during the whole period.  
  • SOC 2 Complete Management and Outsourcing is a programme specifically designed to allow our team of professionals to continuously work with you during the audit period to meet all the control objectives. This includes everything from reviewing current procedures as well drafting new procedures. Our programme ensures we are with you every step of the way throughout the year.