SOC 2 Compliance
SOC 2 is an auditing procedure that ensures your service providers securely manage your data to protect the interests of your organization and the privacy of its clients. For security-conscious businesses, SOC 2 compliance is a minimal requirement when considering a SaaS provider.
SOC 2 certification
- The security principle refers to protection of system resources against unauthorized access.
- The availability principle refers to the accessibility of the system, products or services as stipulated by a contract or service level agreement (SLA).
- This principle does not address system functionality and usability, but does involve security-related criteria that may affect availability
- The privacy principle addresses the system’s collection, use, retention, disclosure and disposal of personal information in conformity with an organization’s privacy notice, as well as with criteria set forth in the AICPA’s generally accepted privacy principles (GAPP).
Organisation Controls – SOC 2
- The SOC 2 reporting standard is an Audit opinion report over internal controls related to Information Technology.
- The service organisation can undergo one audit and distribute the report to multiple customers, reducing the time spent with individual auditors.
- A SOC 2 report will assist by providing assurance over the controls in place at the Service Organisation – you may want to make a positive SOC 2 report part of the contractual agreement between your organisation and that of the Service Organisation to demonstrate privacy compliance.
- The SOC 2 reporting standard is an Audit opinion report over internal controls related to Information Technology.
Benefits
- Gain a competitive advantage by applying advice to streamline processes and controls.
- Management can gain a better understanding of how risk is addressed in similar organizations in the same industry.
- Offer clients a report focusing on internal controls not related to internal controls over financial reporting.
- alternatively, those service organizations who cannot provide a SOC 2 report are likely to be at a significant competitive disadvantage when finding new and maintaining current clients.
- Ensure controls are appropriately designed and operating effectively to mitigate risks.
FixNix FreshGRC
FreshGRC has got 8 different modular products in it's world's 1st SaaS GRC platform to enable organizations simplify the SOC 2 certification process.
