Enterprises that store, process, and transmit customer data are required to comply with various regulations. SOC 2 is one of these regulations. It was developed by the American Institute of Certified Public Accountants (AICPA) to safeguard the privacy and security of customers’ data.

SOC 2 attestation is voluntary, but disregarding it will undoubtedly raise questions about your organization’s ability to safeguard its clients’ data from breaches. To make attestation easier, Reciprocity Labs released an Ultimate Guide of SOC 2. This handy and simplified guide is meant to take you through all the necessary steps in the certification process. Here’s a breakdown of the guidelines.

What is SOC 2?

SOC 2 is an audit procedure designed to show that your organization securely managed its customers’ data. It defines the criteria for managing customers’ data based on five core service principles — availability, security, processing integrity, confidentiality and privacy, and integrity.

SOC 2 reports vary from one organization to another depending on business practices. Likewise, each organization can design its controls to comply with at least one of the core service principles. SOC 2 internal reports provide you as well as regulators, vendors, and business partners with pertinent insights about the way your service provider manages data.

Depending on your organization’s setup, you are required to provide either a Type 1 or Type 2 SOC 2 report. Type 1 reports describe vendors’ systems and seek to establish whether the design of the systems meets relevant trust principles. On the other hand, Type 2 reports detail the operational efficiency of those systems.

Before your organization gets SOC 2-certified, an external auditor will assess the extent to which you comply with one or more of the core trust principles. The assessment is based on the processes and systems that your organization has in place. Getting SOC 2-certified means that you can manage risks that are inherent in outsourced systems. Similarly, certification demonstrates the effectiveness of your controls.

When and Why Should You Become Compliant?

If your organization processes, stores, or transmits customer data, you should embark on the process of SOC 2 compliance. SOC is an increasingly important framework across all industries. Even if you are already SOC 1-compliant, you still need SOC 2. While SOC 1 is about financial reporting, SOC 2 is about the generation of internal control reports relating to the five trust principles.

Apart from proving to clients that they can trust you with their data, SOC 2 compliance has other benefits. It gives you a competitive advantage over business rivals who do not have proof of compliance, thus enhancing your organization’s reputation. Passing the SOC 2 audit gives you peace of mind, and the assurance that all your networks and systems are secure.

Since the requirements of this framework complement those of similar regulations, such as PCI DSS and HIPAA, attaining certification speeds up your company’s overall compliance efforts. Also, the benefits of SOC 2 compliance supersede the framework itself. From it, you get valuable insights into your company’s security and risk posture, regulatory oversight, and internal governance.

Reciprocity Inc in Brief

Reciprocity Labs is a San Fransisco-based company dedicated to the development of innovative governance, risk, and compliance (GRC) software. Established in 2009 by Ken Lynch, Reciprocity Labs’ mission is to enable companies to streamline their compliance efforts.

The company develops high-end GRC solutions that help risk, compliance, and audit managers to be agile when addressing issues related to compliance. The consumerized and flexible enterprise software that Reciprocity Inc develops helps audit and compliance managers to go beyond spreadsheets when executing their duties. The company’s vision is to ensure that corporate goals have a socially conscious and beneficial perspective.

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