SOC 2 Compliance Checklist
What is SOC 2?
Service Organization Control (SOC) reports, otherwise known as SSAE 16 Standards are becoming more and more popular in data security and compliance discussions with every passing year, especially SOC 2. There are three types of SOC reports. Developed by the AICPA, SOC 2 is “designed for the growing number of technology and cloud computing entities that are becoming very common in the world of service organizations.”
Simply put, while a SOC 1 report concerns the financial transactions an organization makes, a SOC 2 report focuses on the security behind those transactions. SOC reports haven’t changed since they were introduced in 2011, yet ensuring SOC 2 compliance has become extremely popular in recent years. This is partially due to the fact that technology has become such a pervasive facet of the business world, especially for businesses who operate with a SaaS or cloud business model. As data breaches swarm the media, consumers, investors, and regulators become increasingly conscious of how secure a company’s information really is. 92% of consumers agree companies must be proactive about data protection
A clean SOC 2 report means companies can depend on their hosting provider for secure, compliant hosting, and in turn prove to stakeholders and regulators they are a trustworthy organization.
What Does Achieving SOC 2 Compliance Require?
If you’re a data provider that stores or processes financial information, you’ll need to achieve SOC 2 compliance. But what does this entail?
SOC 2 ensures that a company’s information security measures are in line with the unique parameters of today’s cloud requirements. A SOC 2 report is considered a technical audit, but it goes beyond that to stipulate that companies must establish strict information security policies and procedures.
There are five Trust Services Principles, or criteria, that comprise a SOC 2 report: security, availability, processing, integrity, confidentiality, and privacy. Unlike other data privacy requirements, SOC 2 requirements allow for more flexibility on the data providers side, which means SOC 2 reports are unique to each company. Essentially, the data provider can determine which requirements are relevant to their business practices and design their own controls to fit those requirements.
Achieve SOC 2 Compliance with LogicManager
LogicManager’s SOC 2 compliance solution automates and streamlines the security practices required by SOC 2 reports so your organization can operate with the confidence that its financial information is secure.
SOC 2 Compliance Checklist: LogicManager provides a comprehensive SOC 2 compliance checklist of requirements, controls, and testing activities from the AICPA you can deploy into your environment.*
SOC 2 Risk Assessments: Customize LogicManager’s pre-configured risk assessments to gain enterprise-wide insight into risks that threaten SOC 2 compliance. Engage all departments and levels of your organization with intuitive, standardized risk assessments.
Monitoring: Achieving SOC 2 compliance means you’ve established a process with required levels of oversight across your organization. LogicManager helps you establish a risk tolerance so you know what normal looks like and can easily detect emerging risks before they fall out of tolerance.
Security Alerts: When a security incident happens you need to demonstrate that sufficient alerting procedures are in place. With LogicManager’s SOC 2 solution, you can configure automated alerts to inform affected parties of a security incident.
Detailed Audit Trials: Remediating a security incident can’t begin without knowing the root cause of the issue. LogicManager’s centralized risk management platform enables you to capture all the necessary information of a risk event and easily conduct your own SOC 2 audit.
SOC 2 Reporting: LogicManager’s business intelligence reporting engine streamlines your reporting process. Generate pre-built reports with the click of a button, or work with your dedicated advisory analyst to create a custom report to prepare you for an external SOC 2 audit.
*Users may need to obtain AICPA licenses in order to access some proprietary content.
Achieving SOC 2 compliance is the best way to ensure your company’s financial information is safe and secure. LogicManager will help you determine which SOC 2 requirements apply to your organization, design controls to meet those requirements, monitor their effectiveness, and report on your program.
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If you’re already a LogicManager customer, you can contact your advisory analysts to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our SOC compliance checklist in action.
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