What does SOC 2 stand for? System and Organization Controls 2, more commonly referred to as SOC 2, was developed by the American Institute of Certified Public Accountants (AICPA) as a cybersecurity framework designed to help service organizations securely manage their customer data and systems to support security. An SOC 2 report, then, can evaluate how organizations manage data security as well as processing integrity, availability, confidentiality, and privacy. It is important to note that this certification was created for organizations, not individuals.
As compliance for SaaS grows in interest and importance, more organizations across the globe are wisely laser-focused on data security and standards. Trava Security offers a helpful introductory guide to SOC 2 for those who are new to this critical certification. These audits and reviews are ideal for companies that have had previous data breaches. In addition, they can help your organization with risk management and regulatory oversight. More and more vendors are also requesting that their partners undergo a SOC 2 audit.
How Do I Get Started With SOC 2?
System and Organization Controls 2 addresses some of the biggest cybersecurity risks that businesses today face. That’s just one of the reasons adoption continues to grow swiftly.
How to get SOC 2 certification starts with identifying an auditor who has been accredited by the American Institute of Certified Public Accountants and is intimately familiar with AICPA SOC 2 requirements. Together, you can follow these steps to get started with your audit and certification:
- Determine your scope: What do you hope to audit and evaluate? Your vendor can help you determine what processes you should consider including in your review. Many organizations focus solely on security while others add in an evaluation of availability, processing integrity, confidentiality, or privacy.
- Define your time period: Typically, an SOC 2 report will cover six months to a year or more. You can also focus on a more specific point in time.
- Gather documentation: It is important to fully document your current systems and security processes so you can begin to spot gaps and issues.
- Perform a gap analysis and readiness assessment: A gap analysis will identify areas for potential improvement while a readiness assessment serves as a practice audit for your organization.
- Complete the formal audit and identify new or updated security controls: Address and document security gaps and steps for improvement. Continue monitoring to ensure gaps are filled and new protocols are successful.
Since there are a lot of moving parts and pieces, it is a good idea to prepare for your SOC 2 audit well ahead of actually starting the process.
How Much Does It Cost for SOC 2?
The cost for SOC 2 can range from $10,000 to $50,000 or more, based on the scope of your audit and the size and focus of your company.
How Long Does It Take To Get SOC 2 Certified?
To get SOC 2 certified, it can take as little as a few months up to a full year or more, depending on the type of SOC 2 report as well as the size of your company and the type of data that it processes. Give your organization ample time to prepare for, engage in, and assess the results of your SOC 2 certification. Again, this is a process for businesses, rather than SOC 2 certification for individuals.
Who Gives SOC 2 Certification?
You can get SOC 2 certification from a licensed certified public accountant (CPA) firm that has been accredited by the American Institute of Certified Public Accountants. Even if you have someone on staff who is familiar with this process, the auditor should be independent of your organization. This independence supports reliable results and compliance with auditing standards.
Trava Comes Through With Cybersecurity and Compliance Certification
SOC 2 certification can demonstrate security and trust, support new sales and partnerships with companies that require vendor compliance, and help you bolster your reputation for cybersecurity and compliance. Even though organizations are not required by law to get a SOC 2 audit, this process demonstrates your commitment to cybersecurity, compliance, and vendor management. It is also a great way to let your team members know how important cybersecurity is to your entire organization.
To that end, Trava Security helps companies achieve the highest standards of data privacy and security to earn the trust of clients and business partners with regulatory support and cybersecurity compliance.
If you are interested in learning more about taking your company’s cybersecurity to the next level, schedule an intro call today with Trava Security to learn more about SOC 2 certification and other options for streamlining your company’s path to compliance.