SOC 1 & 2
What is SOC 1 & 2?
A security operations centre (SOC) – sometimes called information security the operations centre, or ISOC – is an in-house or outsourced team of IT security professionals that monitors an organization’s entire IT infrastructure, 24/7, to detect cybersecurity events in real-time and address them as quickly.
Why should I carry this Standard ?
A SOC 1 attestation report focuses on the financial controls of the service organization, while a SOC 2 attestation report assesses a broader range of controls related to the Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy.
Who needs SOC 1&2?
A SOC 1 report is designed to address internal controls over financial reporting, while a SOC 2 report addresses a service organization's controls that are relevant to their operations and compliance. One or both could be right for your Organization.
How long does it take to get this implemented ?
A SOC 1 examination normally takes one to three months for Type I reports and six to twelve months for Type II reports if a company has controls in place. The audit may take longer if there are no controls in place. For most businesses, a SOC 2 Report will take anything from six months to a year to complete.
Advantage SOC 1 &2
Prevention:
As we noted above, the biggest value of a SOC audit is getting an independent, third-party review of your processes and controls. This can point out weaknesses or gaps which could save you big embarrassment down the road by correcting an issue before a customer of yours has a bad experience.
Efficiency:
A second value is less time spent dealing with your customers’ auditors. Especially in a SOC 1 audit, your customers’ auditors can typically fully rely on this report to get everything they need. If you don’t have a SOC 1 audit, expect them to ask a lot of questions, or even ask to come onsite and review your operations, processes, and controls. (This can be a big hassle to you, and your employees, and could affect current customers by delaying projects or increasing error rates.)
Differentiation:
By having a SOC audit performed, you can set yourself apart from the competition. With today’s aggressive business environment, any competitive edge you can obtain can be the make it or break it deciding factor when it comes to picking a service provider.