A SOC 2 audit aims to discover if an organization has secure and sufficient procedures and policies to protect vital corporate data. With the emphasis on data privacy these days, companies outsourcing their cloud infrastructure, colocation, data processing, and data hosting can generate a positive buzz if they can pass their SOC 2 audit with flying colors.
The best defense is a potent offense. That’s the thinking behind the “ethical hacking” cybersecurity practice known as penetration testing (pen-testing). To understand which vulnerabilities a cybercriminal could exploit and how, it’s best to test them out yourself — or with the help of an expert service provider. Pen-testing is ideal for ensuring all regulatory requirements are in place, such as those for SOC 2 compliance.
Depending on your business and clientele, you may need to comply with security requirements established by the American Institute of CPAs (AICPA). The System and Organization Controls (SOC) numbered 1, 2, and 3 apply to service organizations, particularly those that store, process, or come into contact with consumer data.
One of COVID-19’s direct impacts on businesses has been the acceleration toward cloud solutions. Cloud computing and data storage have skyrocketed — in fact, cloud spending increased 37% during the first months of the pandemic. In turn, this means more companies now need to focus on their cloud security practices, especially concerning regulatory compliance requirements. For example, service organizations need to comply with the American Institute of CPAs (AICPA) SOC guidelines and SOC cloud security requirements.
The American Institute of CPAs (AICPA) has determined a set of requirements your company may need to follow if it is a “service organization” that stores sensitive user data on the cloud. These requirements are known as Security Organization Controls (SOC), and audits to ensure they’re in place are referred to as SOC reporting.
The current information environment puts pressure on businesses to find partners, services, and products that build security into their foundation. With cyberattacks and data loss costing businesses millions every year, fewer are willing to acquire new software without knowing if they have implemented some security framework.
Compliance with the Service Organization Control (SOC) 2 report is vital for any service organization. For auditing success, it is best to conduct an SOC 2 readiness assessment.
Information systems is a growing industry that requires transparency and trust. Some companies provide these information systems as services. One of the best ways to ensure the quality of these services is to learn SOC reporting requirements.
When it comes to cybersecurity, there are abundant frameworks and approaches a company can utilize to best protect themselves. But for all the unique possibilities for an organization’s cybersecurity infrastructure, there are certain unifying norms that companies need to follow. For example, many service-oriented organizations are beholden to the SOC 2 standards developed by American Institute of CPAs (AICPA).
Businesses that process client data need to find ways to make their valued clients trust them. Whether your business is storing delicate financial information, transporting medical records, or processing intricate biographical details, it’s important to follow the SOC 2 guidelines set out by the American Institute of CPAs (AICPA). But what do these guidelines entail? What does SOC 2 certification cost, and what factors impact and influence cost?