All You Need to Know About SOC2 Compliance and Certificate

SOC2 Certificate

Did you come across this article while researching the SOC 2 certificate? If yes, you are likely either exploring what it entails or considering certification for your business. No worries! This article will guide you from A to Z about SOC 2 and provide insights on how experts can assist in achieving compliance for your business.

First and foremost, it is necessary to understand the basics.

What is the SOC2 certificate?

It is a report attested by American Institute of Certified Public Accountants. They consider five trust principles: 

  • Security
  • Availability
  • Confidentiality 
  • Privacy 
  • And, integrity

It aims to ensure that data-driven companies utilizing clients’ information maintain the security of every confidential detail.

This certificate is a voluntary compliance standard for all organizations to ensure that every requested data is safe and secure, meeting the basic requirements of trust service principles. For any company to obtain this certificate, they should be ready to commit for 6 to 12 months. However, it also depends upon the project type to be SOC2 Type II certified. The complete process inlcudes selecting trust principles, defining controls, assessing security processes, and finally receiving an attested report from an auditor.

Now, coming to the next question which many businesses think of every time they hear about the importance of the SOC2 certificate.

Why Does a Company Need this Certificate

There is no doubt that the SOC2 certificate is considered one of the very thought-given and strictly evaluated reports. To date, no other certification provides such a trusted verification of a business’s ability to handle client data securely and confidentially. This ensures assurance for doing business with a company that gets this attested report from AICPA. 

Therefore, when an organization holds the attested report, it indicates that a business has the right data standards. 

Henceforth, any company aiming to be a trusted business partner recognized as a data-secure enterprise will need this certificate. A few of the businesses that require SOC 2 certification are:

SaaS & cloud-based company

Fintech

Legal & Notary Platforms

HR and Payroll companies

MSPs

Technology service providers and many more.

Furthermore, it demonstrates that a company takes data security seriously, especially reassuring venture capitalist enterprises by safeguarding their investments. Ultimately it increases the chance of running a successful business with an identity of a trusted name in the market.

Does Your Business Need SOC 2 Type II Certification?

Yes or No, the answer is all dependent on the type of business you are running. If your business operations revolve around the data precisely of customers then it is a must for your enterprises. Hence, if you aim to close as many deals as possible with potential clients, obtaining SOC 2 certification becomes a critical requirement.

To simplify, companies that work with customer information require a SOC 2 Type II certificate. The list names a few of them:

Software as a service (SaaS) organizations

Companies that deal with business intelligence or analytics

Financial service institutions, including:

Banking

Investment

Insurance

Security

Any other organization that stores customer data in the cloud

Who can Help with SOC2 Certificate?

If you want to obtain the certification in one attempt, it is recommended to seek assistance from an expert engineering team.There are certain SOC 2 audit requirements that need to be fulfilled. Therefore professionals with hands-on experience and a deep understanding of the intricacies involved can provide the best support. Their expertise in technical specifications and security components will streamline the documentation process, ensuring swift uploads and approvals.

Furthermore, they can manage the information required for security system checks, addressing vulnerabilities, firewall implementation, and additional investigations. The technical team will assist in handling, advising, and implementing all necessary measures.

The responsibilities of your engineering team will vary based on your business needs, information security system, and other factors. Their tasks may include guiding the implementation of firewalls, establishing encryption practices, assisting with the selection and installation of antivirus software, providing guidance on programming access controls, evaluating the security of your platform and tool integrations.

What are the requirements for a development company to assist with this?

The first and foremost requirement to ask for assistance for the same is their experience in getting SOC2 type II certificate. It is important they have worked on this certification before. Furthermore, they should have expertise in existing technologies, technical specifications, data security measures, and related areas. There are a few trusted names in the industry experienced in SOC 2 compliance, and it typically takes 6 to 12 months to receive the certificate. However, it also depends on the project type. 

Achieving SOC 2 certification is a critical step in building trust and credibility with your clients. Partnering with a team experienced in compliance and data security can simplify the process and ensure success. Choose a reliable partner like TechRev to navigate the complexities and secure your certification efficiently.