Information Security Compliance and SOC 2: What your business needs to know.

Complex and multifaceted, the world of compliance has grown enormously in the information age. Keeping up with this industry can be a challenge. It’s important to know which aspects of compliance are relevant to your business, and which are not. But if there’s one compliance responsibility that should be relevant to everyone, it’s information security compliance.

How do you know if your organization’s information security practices meet or exceed industry standards? And how do you vet potential vendors for their information security compliance? One simple answer to both of these questions is SOC 2 Compliance.

System and Organization Controls 2

System and Organization Controls (SOC) 2 is a comprehensive audit and reporting framework designed by the American Institute of CPA’s. It is based on five “trust service principles”:

  • security,
  • availability,
  • processing integrity,
  • confidentiality, and
  • privacy

External auditors who assess the extent to which a business complies with the trust principles listed above issue SOC 2 Certification. SOC 2 Type 1 certifications are issued for proof of compliance with those principles at a specific moment in time. Meanwhile, type 2 certifications are issued for compliance over an extended period, usually 6 months. These require a detailed record to prove operation and maintenance of security controls over the entire period. Certifications like this are generally more beneficial over time.

SOC 2 Readiness

There are many organizations that assist businesses with their SOC 2 readiness in preparation for an audit. One such organization is Vanta (see below for more information). Vanta provides comprehensive software solutions that monitor and organize the key requirements of SOC 2. When you begin the process of preparing for an audit, you may find that many of the requirements are things your organization has been doing for a long time. For instance, most of the work we needed to do at SILO included documenting processes we already had in place, along with  monitoring of some of our technical controls.

If your business is a service provider that stores, processes, or transmits any kind of confidential, personal, or otherwise sensitive data, undergoing a SOC 2 audit and getting certified is a key step to becoming and staying competitive in the market. Likewise, if you are looking for a new service provider or vendor, vet them by asking if they have undergone a SOC 2 audit. Compare their results to other potential vendors.

This process can seem daunting at first. And knowing that you need to re-certify every year to maintain certification might sound like a chore. But once you’ve done it the first time, it becomes easier to maintain the industry standards provided by SOC 2. Investing in a SOC 2 certification is well worth the return. When you prove to your clients that you are truly invested in keeping their information safe, you earn their business trust.

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