SOC 2: What is it?
SOC 2 stands for “Systems and Organizations Controls 2” and is sometimes referred to as SOC II. It is a framework designed to help software vendors and other companies demonstrate the security controls they use to protect customer data in the cloud. These controls are called the Trust Services Principles and include security, availability, processing integrity, confidentiality, and privacy. There are two different types of SOC 2 reports that is generally discussed:
SOC 2 (Type 1)
Assess and report on a service organization’s internal controls’ impact on customers’ financial statements
SOC 2 (Type 2)
Assess and report on a service organization’s internal controls regarding the security, availability, processing integrity, confidentiality, and/or privacy of customer data (i.e., the “Trust Services Principles”)
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Frequently Asked Questions
SOC 2 Certification is not required, but it is a way of communicating the degree of care a company takes to the consumer. High profile data breaches are in the news all the time, and it seems more accessible than ever for criminals to compromise private data
Achieving SOC 2 certification means vendors have established practices with required levels of security across their organization to protect data. Tt demonstrates that their commitment and that they are invested in providing secure services and ensuring the security of clients’ information.
This, in turn, enhances the business reputation, ensures business continuity, and gives the business a competitive advantage in the industry. B3Cyber specializes in helping clients in their efforts of SOC2 Audit & Attestation.
Generating a SOC 2 Report will generally take somewhere between six months to a year for most companies. In particular, SOC 2 Type 1 Reports can take up to six months, whereas SOC 2 Type 2 Reports will typically take at least six months and will often last an entire year or longer.
Many factors affect these durations, causing a wide variance from company to company.
For instance, companies with more extensive and diverse IT and cybersecurity infrastructures will likely require longer timelines when completing the audit process necessary for a SOC Report. Additionally, the number, kind, and location of users respective to the company (i.e., on-premise or remote personnel) will impact the audit’s assessment scope.
However, the primary factor determining how long the complete SOC 2 process will take is the Type of SOC 2 Report selected by your organization.