What is SOC 2?
SOC 2 (Service Organization Control 2) provides a framework for assessing and reporting on the security, availability, processing integrity, confidentiality, and privacy of systems and data of service organizations. It was developed by the American Institute of Certified Public Accountants (AICPA) to address the need for consistent and comprehensive security and privacy controls in service organizations.
SOC 2 has gained industry-wide acceptance as a comprehensive framework for evaluating security and privacy controls. Its adoption helps organizations demonstrate their commitment to data protection, comply with regulations, and gain a competitive edge in the marketplace.
Why SOC 2 matters to you
SOC 2 compliance is crucial if your business stores customer data in the cloud. It serves as vital proof that your company prioritizes security, and lets prospects, customers, investors, and partners know that they can trust you.
On top of that, being SOC 2 compliant is a must for your org if you want to:
- Win business with companies of any size, especially enterprises. It is widely recognized as one of the most stringent and comprehensive reports available, showcasing a business’s unwavering commitment to security. It holds significant value, particularly when engaging with US-based enterprises, as it demonstrates adherence to accepted industry standards. It’s often a requirement to move forward in a sales process with larger companies.
- Get a competitive advantage. SOC 2 compliance sets an organization apart from competitors who may not have undergone such a comprehensive evaluation of their security controls. It can be a strong selling point, demonstrating the organization’s commitment to data protection, risk management, and operational excellence.
- Have a smooth sales cycle. Without a SOC 2, your organization will face ongoing requests for security documentation, surveys, and additional work, consuming valuable time and resources. Constant questioning about security can strain team members and create internal concerns about the effectiveness of your organization’s safeguards.
- Improve internal processes & seamlessly pursue other frameworks. To achieve SOC 2 compliance, organizations must establish robust policies, procedures, and controls. This often leads to improved internal processes, better risk management practices, and increased operational efficiency and even better – you’re already well on your way to achieving another framework, since you’ve done some of the work already. To save time and resources, be sure to use a platform that maps policies and tests across multiple frameworks.
How SOC 2 looks on you
Having that SOC 2 badge of honor shows that your org is the real deal, because in order to achieve it, you must have the right policies and controls in place, or that you’re actively doing what’s necessary to strengthen your current compliance and security posture.
People will be able to look at your SOC 2 report and see that your org:
- Is ready to win more deals! A SOC 2 report provides that you adhere to security guidelines, thus building trust and confidence among customers, partners, and stakeholders who rely on the services provided by the organization. If a prospect is checking out your org and sees that you’re SOC 2 compliant, they will likely view it as a strong indication of your commitment to data security and privacy, and will be more inclined to work with you.
- Has “street credibility”. SOC 2 audits are conducted by auditors who evaluate the design and effectiveness of controls. This external validation adds credibility to the organization’s security and privacy claims, further conveying that you do indeed “walk the walk”.
- Not only participates, but excels, in regulatory compliance. In general, many industries have specific regulations and compliance requirements for safeguarding sensitive data. SOC 2 aligns with these requirements and helps organizations meet the regulatory obligations in a structured and consistent manner.
- Has taken the proper risk mitigation measures: SOC 2 helps organizations identify and address risks related to data security and privacy. By implementing the prescribed controls, organizations can reduce the likelihood of data breaches, unauthorized access, and other security incidents.
How to get SOC 2
Startups can get SOC 2 readiness for free! We came up with this offering because we know how hard it can be for startups to begin their GRC processes, and from one startup to another, we wanted to alleviate the pain of getting your GRC program up and running. Startups can sign up here, and read more about why we launched this program, here.
If you’ve moved past the startup stage, or need to go beyond SOC 2, we can help! We make it easy to not only get SOC 2, but other standards as well. Our integrations, continuous monitoring, risk register, gap analysis, and premier network of partners are at your disposal, so what are you waiting for? Get started today!