There is no one-size-fits-all method for strengthening your organization’s information security, but almost every business will eventually need to prove its security to stakeholders. There are various compliance standards to choose from, but one of the most common ways is by undergoing a SOC 2 audit.

Types of SOC Audits

There are three types of SOC audits:

• SOC 1: Reviews an organization’s financial reporting procedures.

• SOC 2: Focuses on information security and is designed for stakeholders like customers, partners, or prospects.

• SOC 3: Reviews information security controls for public view and is less detailed than a SOC 2. SOC 3 reports are often shared on an organization’s website.

What is the Purpose of a SOC 2 Audit?

A SOC 2 audit involves hiring a third-party auditor to assess your organization’s security posture and the controls in place to protect both organizational and customer data. Many businesses pursue SOC 2 compliance when prospects begin requesting it, as a SOC 2 report demonstrates that the business has trustworthy and effective security policies. While a SOC 2 audit can be lengthy, it helps unblock deals and build trust with customers.

The SOC 2 Trust Services Criteria (TSC)

SOC 2 compliance is evaluated against five categories, known as the Trust Services Criteria (TSC):

• Security: Protecting overall data security.
• Availability: Ensuring continued access to data for authorized individuals.
• Processing Integrity: Maintaining the accuracy of data and data processing.
• Confidentiality: Ensuring data is accessible only to authorized users.
• Privacy: Having processes in place to allow users to maintain the privacy of their data.

The security category is mandatory for all SOC 2 reports, while the others are included if relevant to your organization.

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SOC 2 Audit Process

The process for a SOC 2 audit varies by the size, structure, and industry of the organization. It is a nuanced standard, allowing organizations to customize the controls based on their unique needs. The general steps include:

1. Defining the scope of the audit.
2. Collecting documentation on systems and operations.
3. Creating a plan for the audit.
4. Determining which TSC categories apply to your organization.
5. Testing and reviewing security controls.
6. Collecting evidence to document your security posture.
7. Preparing a final report based on the auditor’s findings.

Who Needs SOC 2 Compliance?

SOC 2 compliance is voluntary and not legally required. However, organizations that process or handle customer data, particularly in North America, are often expected to obtain it. This standard is commonly used by:

• SaaS companies
• Business intelligence or analytics providers
• Managed IT service providers

Having a SOC 2 report proves that you’ve invested in robust security practices and are a trustworthy partner.

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Types of SOC 2 Audits

• SOC 2 Type 1: Assesses the design of security controls at a specific point in time.

• SOC 2 Type 2: Evaluates the operational effectiveness of controls over a period of time.

SOC 2 Report Components

After completing the audit, the SOC 2 report will include:

1. Independent service auditors’ report: Confirms the audit and details its scope, along with the responsibilities of the company and auditor.
2. Management assertion: Verification from your company that the report’s content is accurate.
3. System description: Information about the scope of the report, including employees, processes, technology, and controls.
4. Description of criteria: Lists assessed controls, testing methods, results, and any exceptions.
5. Appendixes: Optional information, such as management’s response to any highlighted exceptions.

This report is what you’ll share with customers requesting proof of SOC 2 compliance.

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How Long Does a SOC 2 Audit Take?

On average, the SOC 2 process takes 6-12 months, depending on the complexity of preparing controls, testing, and gathering evidence. The auditor’s assessment usually takes 4-6 weeks.

However, benchmarked can help cut this time in half by streamlining evidence collection, tracking progress, and matching a vetted auditor that only verifies already implemented controls.

Streamline your SOC 2 audit with benchmarked services

We assess your risk holistically, you get clear overlook.

• Identify areas of non-compliance through notifications within the services.
• Receive a checklist of actions to help you make necessary changes.
• We collect evidence and centralize all documentation in one place,
• We streamline reviews by providing auditors with necessary information on your behalf
• Complete your SOC 2 audit in half the time.

By using benchmarked services, you can save significant time and money during your SOC 2 audit process. Learn how to get your SOC 2 faster by getting on free call with us.