SOC 2 (System and Organization Controls 2) is a cybersecurity compliance framework designed by the American Institute of CPAs (AICPA) that assesses the security, availability, processing integrity, confidentiality, or privacy of a service organization’s systems and processes. It provides a comprehensive set of criteria for evaluating and reporting on controls relevant to these areas. SOC 2 formalizes the security program for the IT operation that supports the service operation.
There are several benefits to obtaining a SOC 2 attestation.
It is a globally recognized compliance standard. The SOC 2 framework is recognized worldwide, making it a universal standard for a commitment to security.
It is a competitive differentiator. In highly regulated industries, such as biopharma, insurance, and finance, cybersecurity is a critical concern for customers. Obtaining a SOC 2 attestation can give organizations a competitive advantage.
It allows customers to retain business. Some vendors require organizations to have a SOC 2 attestation to maintain contracts. In addition, many cyber insurance companies require organizations to formalize their security program as part of their commitment to minimizing their risk for a breach or attack and obtaining the attestation supports these requirements.
It creates trust and assurance among customers and stakeholders. SOC 2 attestations demonstrate that an organization has a commitment to cybersecurity, leading to enhanced and effectively operating internal controls, improved security measures, and better overall operational processes.
It is a gateway to other compliance frameworks. Compliance with SOC 2 criteria can help organizations begin to align with various regulatory requirements related to data protection and privacy, such as SOX, CMMC, NIST, and HIPAA as there are overlapping requirements in each framework.
Tego has extensive experience helping clients achieve a successful SOC 2 attestation for all trust principles. A successful SOC 2 attestation is not a one-time achievement. Maintaining compliance requires ongoing monitoring, assessments, and updates to ensure that systems and processes continue to meet the established standards.
To learn more about the SOC 2 compliance process and how Tego can help, contact us today.