SOC 2 is NOT a requirement!
System and Organization Controls for Service Organizations 2 (SOC 2) compliance isn’t required or mandatory. There is no industry that requires a SOC 2 report nor is SOC 2 compliance a law or part of a regulation.
SOC 2 attestation is a report that is part of the auditing procedure. This helps service providers manage data to protect the interest of the organizations they work for and their clients. If you are a business who gives importance to security and data integrity, SOC 2 compliance is something that you should heavily consider when considering a SaaS provider.
So does a business need SOC 2 attestation?
At Connor, we see in many cases the tipping point for a SOC 2 as either a hard requirement as part of the procurement life cycle of a new client or when you are responding to security questionnaires on a monthly basis. When you add up the internal cost of your team responding and gathering evidence around 10 times a year, it would be easier to direct your new client to your SOC2 report which has your controls mapped in Section 4. Save the energy of your internal team to focus on your business and leverage the report multiple times.
SOC 2 attestation is the step that businesses need to take if they want to bring their organization to a whole new level when it comes to compliance and data security. With SOC 2, they can show that they know what they are doing and they mean business because you are willing to be validated by an independent organization.
Three Uses of SOC 2 for businesses
SOC 2 attestation is essential for businesses that manage or store data for US-based customers and business partners. This is the best way to improve overall security posture while managing to increase the value of your organization.
SOC 2 attestation will give businesses an advantage over their competition. With SOC 2, a business can easily differentiate themselves in the market because they can identify and showcase to clients transparency and controls on how they protect their data as part of the service provided.
Lastly, a SOC 2 attestation can speed up the procurement lifecycle by reducing the amount of work IT departments and product specialists spend responding to security questionnaires. By having your controls mapped and tested in section 4 of the report, you can transfer that effort back to the potential client and only respond to any unique controls or questions associated with that client.
Choose Connor as your SOC 2 Auditor
At Connor we have mapping tools and a phased approach to help you collaboratively project manage the effort of achieving SOC2 attestation. We can help to objectively review your mapping and provide guidance on control rationalization to assist right size your control selection.
Connor can help you get ahead of the competition by improving your current compliance program. We always try to leverage your past and current efforts, provide expert SOC 2 coaching, provide quick readiness assessment, and bundle multiple security frameworks for your business. Let us help you adopt a stronger Security and Data Privacy baseline.
If you would like to speak with our experts, please contact us at email@example.com or schedule an appointment at https://calendly.com/grc-sspa/soc2.