We understand that the world of cybersecurity and privacy can be extremely confusing but necessary to understand. Today, we have answered the most common customer questions in our SOC 2 compliance Q&A guide. Hopefully, this will answer your questions!
Q: What is SOC 2?
A: SOC 2 is a framework designed by AICPA to evaluate whether a company’s practices are adequate to protect their customers’ privacy and security.
Q: What does SOC and AICPA stand for?
A: SOC stands for the System and Organization Controls for Service Organizations, and AICPA is the American Institute of Certified Public Accountants.
Q: What are the Trust Service Categories?
A: The Trust Service Categories include security, availability, process integrity, confidentiality, and privacy.
The AICPA defines the Trust Service Categories as followed:
- “Security. Information and systems are protected against unauthorized access, unauthorized disclosure of information, and damage to systems that could compromise the availability, integrity, confidentiality, and privacy of information or systems and affect the entity’s ability to meet its objectives.
- Availability. Information and systems are available for operation and use to meet the entity’s objectives.
- Processing integrity. System processing is complete, valid, accurate, timely, and authorized to meet the entity’s objectives.
- Confidentiality. Information designated as confidential is protected to meet the entity’s objectives.
- Privacy. Personal information is collected, used, retained, disclosed, and disposed to meet the entity’s objectives.”
Q: What is the difference between SOC 1, SOC 2, and SOC 3?
A: A SOC 1 report covers a company’s financial aspects, a SOC 2 report reviews the controls of a company’s five trust service categories, and a SOC 3 report is essentially a SOC 2 report designed for a general audience with less of the nitty-gritty details.
Q: What is the difference between a Type 1 and Type 2 SOC 2 Report?
A: A Type 1 report is an audit based on a singular moment of time, whereas a Type 2 report covers a three-month to one-year timeframe. Type 2 audits are generally preferred as they are considered more accurate.
Q: Who needs to be SOC 2 compliant?
A: It is recommended that all companies acting as a service provider who handles customer data be SOC 2 compliant. Not only does it ensure that the company is up to the highest standards available, but it demonstrates transparency, trust, and assurance to customers who use their services.
Q: Do I have to be SOC 2 compliant?
A: Technically, no. However, companies that are not SOC 2 compliant will lose out on sales and customers to other companies who are SOC 2 compliant.
Q: When should I become SOC 2 compliant?
A: Becoming SOC 2 compliant usually takes up to a year! We recommend getting started ASAP because the larger your company grows, the harder it will be to become SOC 2 compliant.
Q: How can I get started on becoming SOC 2 compliant?
A: If you want your company to become SOC 2 compliant, we can help! Eden Data helps our clients make sense of the whole process. We will answer your questions and help you navigate the tricky guidelines and policies to become audit-ready.
Q: Can I have one company for everything?
A: Sadly, no. Legally, a company cannot do audit guidance and the audit (as it would be a conflict of interest!) Therefore, it is a two-step system. Eden Data helps you get audit-ready, and the auditor ensures that everything is up to SOC 2 compliance.
Q: Where can I learn more about SOC 2?
A: We recommend that you download our SOC 2 Compliance Guide (coming soon!) for more detailed information on these questions, as well as read our blog for the latest and greatest news currently available!
Was your question not answered in our SOC 2 compliance Q&A? Feel free to reach out to us at any time! We would love to answer your questions!