1. Home
  2. SOC 2 Assessment

Understand and prepare for your SOC 2 assessment today to secure internal and client's businesses.

With the increasing cyberattacks, all the organisations are subjected to the risks like malware, phishing, DDoS attacks etc. Hence saas and Cloud computing vendors are required to undergo SOC 2 audits to assess and ensure their internal security controls.

SOC 2 framework (System and organisation Controls) was created by the American Institute of Certified Public Accountants (AICPA) in response to the growing concerns for data security and privacy. It is an independent auditing procedure ensuring that service providers handle sensitive client data securely on the cloud and maintain its privacy.

SOC 2 certified means the organisation has established practices as required with levels of security across the organisation for data protection. Saas companies that manage customer data in the cloud should be SOC 2 compliant. This audit is performed annually. Although SOC 2 is not a legal requirement, it shows the trustworthiness of the service provider and assures the clients that their data will be handled securely.

Cyber Security Service india illume consultancy bangalore cochin

 

SOC 2 audit preparation 

 

SOC 2 evaluates the security control's effectiveness over a period. The audit preparation has eight steps- 

 

1. Defining the SOC reporting period

2. Quantifying Risk 

3. Defining the Scope 

4. Building a strong compliance team 

5. Readiness assessment 

6. Identifying gaps

7. Remediation 

8. Gathering additional documentation

 

 

5 trust service principles of the SOC 2 compliance - 

 

1. Security - Security is important and includes common criteria related to data and system protection. 

 

2. Availability - Availability ensures the access to data the customer receives and how readily available it is. Also reviews accessibility for operations, monitoring and maintenance of data. 

 

3. Processing integrity - The processing of data as per authorization and assesses the accuracy, completeness, validity and timeliness of the data. 

 

4. Confidentiality - Encourages the encryption of in-transit data as well as client certificates and personal authentication certificates.  

 

5. Privacy - Aims at ensuring the confidentiality and security of personal identifiable information (PII). 

 

Why SOC 2 Assessment for your organsation?

 

1. Trust and Reputation - Increased customer trust and organisational reputation

2. Better Data Protection - Increased data protection with the application of norms

3. Improved Outlook - Increased security, availability, processing integrity, and privacy

4. Increased Awareness - Better awareness of organisational vulnerabilities

5. Marketing Differentiator - Marketing differentiator among others by adhering to rigorous standard with SOC2 Audit

6. Operating Effectiveness - Ensures maintaining an effective information security control environment

7. Commitment to IT Security - Strong commitment towards overall IT security

8. Regulatory Compliance - SOC2 requirements goes in sync with other frameworks including HIPAA and ISO 27001

 

How often do you schedule a SOC2 Audit?

 

Normally a SOC2 report is for a 12 month duration, but the auditing can be performed in the duration of every 6 months depending on the requirements of the organisation for the ongoing concerns in the operational control environment.

 

SOC 2 audits and reports provide detailed evidence of the effective security controls implemented in the service provider's system. It makes the vendor trustworthy and gives an edge over competitors.

Book your SOC 2 audit today and raise the bar for the competition.

Our Cyber Security services
How do we approach the SOC 2 Audit?

Scope Selection

Understanding business operations, controls and systems to define the scope

Identifying Gaps

Identifying gaps to detect issues before beginning an audit

Risk Assessment

Comprehensive risk assessment for identification of critical loopholes

Risk Treatment

Prioritizing identified risks & strategizing appropriate Risk Treatment measures

Remediation Support

Our tech team works in collaboration with internal team for implementation

SOC2 Document Set

Creating policy & procedure document set with input & validation

Pre-assessment

After gestation period, pre-assessment of the setup and measures implemented

What Illume offers
  • 1. Team Illume provides complete support for the audit preparation.
    2. We provide customizable processes specific to the company's needs.
    3. Comprehensive list of flaws and vulnerabilities along with the remediations to fix them and make you compliance-ready.
    4. Team Illume partners with accredited (AICPA/ISO), 3rd party audit firms to get the audit done by the best.
    5. With us your audit will be a hassle-free experience.
Related Links

Book a free consultation call for your organization

TALK TO OUR EXPERT
Discover Our Latest Resources - Blogs
FAQs
A SOC2 (Service Organization Control 2) assessment is an independent evaluation of a service organisation's controls and processes related to security, availability, processing integrity, confidentiality, and privacy. It is performed by a third-party auditing firm to ensure that the organisation meets the criteria outlined in the Trust Services Criteria (TSC) established by the American Institute of Certified Public Accountants (AICPA).
Any organisation that stores, processes, or transmits customer data can benefit from SOC2 compliance. This often includes SaaS and cloud companies, but really it's good practice for any business handling sensitive customer information.
A SOC2 Assessment demonstrates the commitment to data security, privacy, and operational excellence. It provides assurance to the customers and stakeholders that the organisation has implemented appropriate controls to protect their data and ensure service availability. Additionally, many customers and regulatory requirements may mandate service providers to undergo SOC2 assessments as a condition for doing business.
Law doesn't enforce SOC2 but its expected by the customers, partners, and regulators in industries where data security is a big deal. It's a great way to demonstrate that you're serious about keeping customer data safe and secure.
SOC2 and SOC1 reports differ in their focus and scope -
SOC2 - Focuses on the security, availability, processing integrity, confidentiality, and privacy of a service organisation's systems and data. It is relevant for all types of service organisations.
SOC1 - Focuses on the internal controls over financial reporting. It is typically relevant for organisations providing financial services and is used by user auditors to assess the impact of the service organisation's controls on the financial statements of their customers.
The process of undergoing a SOC2 Assessment typically involves the following steps -
1. Planning - defining scope, objectives, and timeline of the assessment.
2. Readiness Assessment - Conducting an internal assessment to identify any gaps or areas of improvement in their controls and processes.
3. Control Remediation - Addressing any identified weaknesses or gaps in organisation's controls.
4. Assessment Procedures - The auditing firm performs the assessment using testing procedures to evaluate the effectiveness of the controls based on the Trust Services Criteria.
5. Report Preparation - Preparing the SOC2 report based on the assessment findings.
6. Report Distribution - The organisation distributes the SOC2 report to its customers and other relevant parties.
The duration of the SOC2 assessment is determined using multiple factos including the size and complexity of the organisation, the scope of the assessment, and the level of preparedness. A SOC2 Type I assessment typically takes a few weeks, while a SOC2 Type II assessment can span several months.
Technically failing is not possible as the assessment evaluates the design and effectiveness of controls, and the results are based on the auditor's findings. If there is some weaknesses or non-compliance is located, the organisation will receive a qualified or adverse opinion in the SOC2 report, indicating areas that need improvement. These findings can be used to make necessary improvements and undergo future assessments for continuous improvement.
Yes, the SOC2 reports can be shared with the potential clients but how to share is purely the service provider's choice. They may provide on direct request, or can make available on the website or through a secure portal. They may require signing non-disclosure agreements (NDAs) before sharing the report, especially if it contains sensitive information.
The frequency of the SOC2 assessments depends on multiple factors like organisation's requirements, industry regulations, and the organisation's risk management strategy. Generally organisations conduct annual SOC2 assessments to demonstrate continuous compliance with the Trust Services Criteria and provide the most up-to-date assurance to their customers. However, the frequency can be adjusted based on specific business needs.
SOC2 is not a certification, the organisations undergoing the SOC2 auditing receives an auditor's attestation or opinion on the design and operating effectiveness of the internal control framework. SOC2 reports are considered attestation reports NOT certification reports.
A SOC2 readiness assessment is like a practice run before the main SOC2 audit. This helps the organisation to understand the current situation and where they lack in meeting the SOC2 requirements along with the work around to close any gaps before the actual audit begins.
The CPA auditor performs a SOC2 audit in accordance with SSAE18 AT-C Section 105, SSAE18 AT-C Section 205 and the AICPA Trust Services Criteria.
SOC2 Type 1 audit is like a snapshot – it looks at your controls at a specific moment in time. Whereas, SOC2 Type 2 examines how the controls perform over a period of time, usually three to twelve months. Type 2 reports are more thorough than Type 1 reports.
There aren't any fixed numbers of SOC2 controls, these completely depends upon the requirements of the organisation.
SOC2 compliance checklist helps to assure that the organisation is meeting all the necessary requirements. It typically includes things like reviewing IT infrastructure, identifying risks, implementing controls, and preparing for the audit process.
The SOC2 bridge / gap /coverage letter is a document that bridges the gap between the end of one SOC2 audit period and the start of the next. This letter acts as a proof of compliance between the two audit periods. It is prepared by the auditor and it reassures the customers and stakeholders that you're still following all the necessary SOC2 controls, even though the audit for the current period hasn't been completed yet.
The SOC2 audit report allows lots of room for including the varied requirements of the organisations. It is just not the list of findings and a checklist of compliance requirements. An ideal SOC2 report provides -
1. An opinion letter.
2. Management assertion.
3. A detailed description of the system or service.
4. Details of the selected trust services categories.
5. Tests of controls and the results of testing.
6. Optional additional information.
The only way to be sure you’re ready for a SOC2 compliance audit is to review your systems. Our team of experts can help you access your readiness with our SOC2 Audit Readiness Assessment and Remediation Service. We can advise on which audit or audits are right for the organisation.
This will be done in two phases, first is SOC2 Audit Readiness Assessment, where your organisation’s practices will be tested against AICPA’s TSC, highlighting any requirements where you fall short. Followed by SOC2 Remediation Service, explaining corrective actions to ensure the security controls are sufficient.