Many companies find it cost-efficient to outsource certain services, such as data hosting, colocation, data processing, and Software-as-a-Service (SaaS). The data that is transmitted, stored, maintained, processed and disposed by these service providers must be kept confidential, secure, private and available for use. In addition, a service provider’s system processing must be complete, accurate, timely and authorized. A SOC 2 Report ensures companies that the five Trust Service Principles of Security, Availability, Processing Integrity, Confidentiality, and Privacy are being addressed by their service organization’s controls.
A Type I audit results in a report on management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specific date. A Type II audit is the same as a Type I audit but with a report on the operating effectiveness of the controls throughout a specified period.
If you’re a data provider that stores or processes financial information, absolutely. If you’re a company looking to outsource your data storage of financial information and need a provider that is secure and compliant, a SOC 2 report will go a long way towards fulfilling that obligation. If your current or potential vendor is not willing to share their reports, consider another provider.
Similar to SOC 1 audits, I.S. Partners, LLC provides two types of SOC 2 audits for service organizations. A Type 1 audit examines the controls used by service organizations to address any one or all five Trust Service Principles. The audit provides assurance that controls are designed effectively to meet the desired objectives at a point in time. A Type 2 audit includes the same information as a Type 1 audit, but with the additional attestation that a service organization’s controls are tested for operating effectiveness over a period of time. I.S. Partners, LLC’s SOC 2 reports provide a description of the tests we perform and the results of those tests.
Unlike PCI DSS, which has very rigid requirements, SOC 2 reports are unique to each organization.
Obtaining a SOC 2 report requires an investment of both time and money for a service organization and, at some point, might seem like more work than it's worth. However, the advantages to obtaining a SOC 2 report far outweigh the initial investment. Following are ten benefits:
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