Security threats have never been more creative or prevalent than they are today! Your business is differentiated from its competitors by its commitment to sound security practices and the ability to demonstrate those practices.
SOC 2 (System and Organization Controls 2) is the industry-leading standard to demonstrate the design and operating effectiveness of your security, risk, and control practices.
Cybersecurity consultants are crucial in assisting businesses with SOC 2 compliance by providing expertise, guidance, and support throughout the compliance process. Independent auditors are prepping and reviewing compliance readiness and a checklist, but your organization may need cybersecurity professionals to implement the required controls.
Why Cybersecurity Professionals
Your business will require professionals to do the heavy listing. SOC 2 is not just a checklist. Here is what to expect:
- Assessment and Gap Analysis: Consultants can conduct an initial assessment of your organization’s current security posture and compare it against SOC 2 requirements. This helps identify gaps and areas where improvements are needed to meet compliance standards.
- Policy and Procedure Development: Consultants can help develop and document policies, procedures, and controls necessary for SOC 2 compliance. This includes security policies, access control procedures, incident response plans, and more.
- Technical Controls Implementation: Consultants can assist in implementing technical controls and security measures required for SOC 2 compliance. This may involve configuring network security, encryption, access controls, logging and monitoring systems, and other security technologies.
- Risk Management: Consultants can help identify and assess security risks specific to your organization and develop strategies to mitigate these risks effectively. This includes conducting risk assessments, vulnerability scans, and penetration testing.
- Training and Awareness: Consultants can provide training sessions and awareness programs to educate employees about security best practices and their roles in maintaining SOC 2 compliance. This ensures that everyone in the organization understands their responsibilities and contributes to the security efforts.
- Vendor Management: If your business relies on third-party vendors or service providers, consultants can help assess their security practices and ensure they meet SOC 2 requirements. This includes reviewing vendor contracts, conducting due diligence assessments, and monitoring vendor compliance.
- Preparation for Audits: Consultants can prepare your organization for SOC 2 audits by conducting mock audits, reviewing documentation, and helping address any issues identified during pre-audit assessments. This ensures that your organization is well-prepared and confident when facing an official audit.
- Continuous Monitoring and Improvement: SOC 2 compliance is an ongoing process, and consultants can provide support for continuous monitoring, review, and improvement of security controls to maintain compliance over time. This includes regular assessments, updates to policies and procedures, and adapting to changes in regulatory requirements.
What Businesses Need SOC 2
Any organization that handles sensitive customer data should align with a compliance framework like SOC 2 and demonstrate adequate controls to ensure this data’s security, availability, processing integrity, confidentiality, and privacy. SOC 2 provides an auditable compliance framework to attest to your organization’s compliance and demonstrate that your cyber controls are in place. It’s becoming commonplace that new businesses and vendors require SOC 2.
Examples of entities that must comply with SOC 2 requirements include:
- Cloud service providers: Companies that offer cloud computing services, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) providers.
- Data centers: Facilities that host servers, networking equipment, and other IT infrastructure for organizations.
- Software as a Service (SaaS) providers: Companies that offer software applications accessed via the Internet and hosted on their servers.
- Payment processors: Organizations that handle credit card transactions and other financial data.
- Healthcare service providers: Entities that handle protected health information (PHI) and other sensitive medical data.
- Finance & Professional Services: Banks, credit unions, CPAs, tax prep, payroll companies, investment firms, and other providers that handle customer financial and personal data
- Online retailers: E-commerce websites that collect and store customer payment information and personal data.
When Do I Need to Start SOC 2
When Do I Need to Start SOC 2: It is a silly question or rhetorical question. When do you want to close more deals, grow revenue, and maintain a competitive advantage? There are, however, seven phases or steps to achieve and report on SOC 2 compliance with the AICPA Trust Services Criteria.
- Step 1: Contact a SOC 2 Provider
- Step 2: SOC 2 Service Auditor & Approach
- Step 3: SOC 2 Readiness Assessment
- Step 4: Audit
- Step 5: SOC 2 System Description
- Step 6: Report Issuance
When you are ready to get started, Black Bottle IT will be ready to help your business with the heavy lifting. While the actual SOC 2 audit typically takes between five weeks to three months, meeting the criteria in the SOC 2 Readiness Assessment will depend on factors like the scope of your audit and the number of controls involved.