The process of becoming soc 2 compliant
Although the process of becoming SOC 2 compliant can be difficult and time-consuming, it is crucial for many companies that deal with sensitive consumer data. The procedure is outlined here
1 – Understanding SOC 2 requirements
The Trust Services Criteria, which include Security, Availability, Processing Integrity, Confidentiality, and Privacy, should be thoroughly understood by organisations before anything else. It is crucial to comprehend these requirements because your organisation will need to prove that it has the necessary safeguards in place to satisfy each one.
2 – Choose the Trust Services Criteria that apply to your organisation
Some Trust Services Criteria might not apply to your company. You must thus determine which ones apply to your services. A data analytics company might simply need to concentrate on Security, Confidentiality, and Privacy, whereas a cloud storage provider would probably need to show controls across all five criteria.
3 – Conduct a risk assessment
The systems and procedures used by your organisation may have weaknesses that can be found with a thorough risk assessment. This evaluation should cover every facet of your business, from human resources and physical security to vendor management and technology. You can start designing and implementing controls that address possible hazards by first recognising such risks.
4 – Design and Implement controls
Your organisation will need to create and implement controls to mitigate the identified risks based on the results of the risk assessment. Your company will probably need to make adjustments as a result, from new security features and system upgrades to updated policies and employee training initiatives.
5 – Develop policies and procedures
Your SOC 2 compliance program’s foundation is made up of policies and procedures. They outline how your company responds to each Trust Services Criteria and offer instructions on how staff members should respond to certain circumstances. All employees should be able to access your policies and procedures, which should be comprehensive and well stated.
6 – Conduct a Pre-Assessment
A pre-assessment, also known as a gap analysis, entails an audit of your company’s controls by an outside auditor. Although this stage is optional, it is strongly advised because it can aid in locating any areas of non-compliance prior to the formal audit.
7 – Engage a CPA firm to conduct the audit
The time has come to hire a certified public accounting (CPA) firm to conduct the audit whenever you feel that your organisation is prepared. The auditor will evaluate the effectiveness of your organization’s controls, policies, and processes.
8 – Address Identified Issues
Your organisation will need to remedy any non-compliance issues found by the audit. This could entail changing procedures, amending rules, or giving staff members more training.
9 – Receive your SOC 2 report
A SOC 2 report will be produced if the auditor is satisfied with your controls and their efficacy. This report, which is a formal acknowledgement of your company’s SOC 2 compliance, can be shared with customers, business partners, and other stakeholders to show them how serious you are about data security.
10 – Consistent Review and Monitoring
SOC 2 compliance cannot be attained in a single step. To maintain compliance, your organisation must periodically examine and update its controls, policies, and processes. This could entail yearly audits or regular internal evaluations.
SOC 2 compliance is a commitment for any organisation, but it is an investment in the security and credibility of your company. Your company may reassure its clients and partners that their sensitive data is being handled securely and ethically by proving SOC 2 compliance.