SOC Attestation Questions
The section contains answers to general questions related to SOC Compliance.
SOC 2 is short for Service Organization Control 2. It's a set of rules designed by the American Institute of Certified Public Accountants (AICPA) to keep your data safe when it's held by a service provider. These rules set standards for managing customer data based on five principles: Security, Availability, Processing Integrity, Confidentiality and Privacy.
Any company that stores, processes or transmits customer data can benefit from SOC 2 compliance. This often includes SaaS and cloud companies, but really, it's a good practice for any business handling sensitive customer information.
Organizations that handle financial transactions, especially those impacting external financial statements are good examples of those who need SOC1 audits.
There are several types of SOC reports and auditing standards. SOC 1 and SOC 2 are both about keeping your data secure but they focus on different things. SOC 1 checks how your financial data is handled, ensuring it's accurate and trustworthy. SOC 2, on the other hand, looks at the bigger picture of how your data is managed, focusing on areas like Privacy, Security and Processing Integrity.
Type 1 Report is as of point in time. Type 2 Report covers a period of time, generally not less than 6 months & not more than 12 months
General Questions
The section contains answers to general questions related to SOC Assessment.
SOC 2 is not a certification, it’s a third-party attestation of the controls in place at your organization. Typically, when a company is asking this question though the answer
Being SOC 2 Compliant shows you have an unwavering commitment to top-notch information security as an organization. When you subject your company to rigorous compliance standards, including thorough on-site audits, your dedication to responsibly handling sensitive information is strong.
A SOC 2 bridge letter, also known as a gap or coverage letter, is a document that "bridges" the gap between the end of one SOC 2 audit period and the start of the next. A bridge letter is prepared by your auditor and it reassures your customers and stakeholders that you're still following all the necessary SOC 2 controls, even though the audit for the current period hasn't been completed yet.
SOC 2 compliance audits should be conducted about once a year. In many cases, however, it may be appropriate to have audits done more often. The frequency of the audit should depend on the company’s goals and objectives.
Yes, they can complement each other. SOC 2 may cover specific areas relevant to service organizations, while ISO 27001 provides a broader approach to information security management.