If you’re a business that handles personal or sensitive information, you know how important protecting that information is. While mandatory laws deal with online privacy and security, there are further steps you can take to ensure you protect your sensitive data. One way to add protection is through the Service Organization Controls 2 compliance methods, or SOC 2.
What Is SOC 2 Compliance?
SOC 2 is a cybersecurity compliance framework standard for many service organizations. Designed by the American Institute of CPAs, it helps businesses manage sensitive and private information, especially concerning customer data.
Importance of SOC 2 for Businesses
Unfortunately, data breaches are on the rise. It’s more important now than ever to protect your customer’s data. While mandatory laws help some, you can take it further by implementing SOC 2 in your business. SOC 2 compliance helps build trust between you and your customers by showing you’re willing to go the extra mile to keep your data safe.
Key Components: Security, Availability, Processing Integrity, Confidentiality, Privacy
When it comes to SOC 2 compliance requirements, there are a few criteria to follow:
- Security: Private data and information should be kept secure at all times.
- Availability: Systems must be accessible to customers in agreement with the terms of use.
- Processing: When dealing with any monetary transaction, it’s important to use encryption.
- Integrity: If IT or outside services are involved, take great care to maintain data integrity.
- Confidentiality: Restrict the sharing of data.
- Privacy: Keep customers informed when collecting data and what it is for.
Types of Report: Understanding SOC Compliance Reports
As a business owner implementing SOC 2 compliance standards, there are two reports you’ll need to make and file to the AICPA.
Overview of Type 1 Reports
SOC 2 Type 1 measures how effective your cybersecurity and internal controls are in protecting customer data. Type 1 reports are short reports handled within a few weeks. They are ideal for those short on time and resources. You can use the report to prove your safety and security standards to customers.
Overview of Type 2 Reports
SOC 2 Type 2 compliance is a more extensive report that takes longer to complete. Type 2 examines the effectiveness and functions of SOC 2 compliance over 12 months to ensure they are effective and functioning properly. Type 2 is more thorough and may be more respected by your clients.
Advantages of Achieving SOC Compliance
So, what are the advantages of achieving SOC compliance automation? You get to build and retain customer trust, keep a good reputation, and reduce the risk and cost of data breaches, which can cost thousands of dollars to repair.
If you genuinely care about improving your security practices, investing in a physical security solution is your best bet. Kastle’s security practices are SOC 2 compliant and will help keep your customer’s data and information safe and secure.
Kastle’s SOC 2 rating applies to all the services in their managed security portfolio, including physical access control, video surveillance, and visitor management solutions. Improve your security practices with Kastle and build better customer relationships. Learn about Kastle and discover why physical security matters.
Preparing for a SOC Audit: Key Steps
Implementing SOC 2 practices in your business is just one step. You must also prepare for SOC compliance audits, which are essential to SOC 2 compliance. Prepare for your SOC 2 audit introducing SOC 2 policies and streamlining documentation. Here’s a SOC 2 compliance checklist for policies:
- Acceptable use
- Access control
- Business continuity
- Change management
- Confidentiality
- Code of conduct
- Data classification
- Risk management
- Encryption
- Incident response
When it comes to documentation, include the following:
- Detailed assessment of security controls and protocols
- Evidence of updated and upgraded systems
- Evidence of systems configured with the latest security patches
Don’t worry if this all seems overwhelming. Kastle can help. Our pre-audit self-assessment solution will help you introduce SOC 2 policies and streamline your documentation.
Common Mistakes to Avoid During SOC Audits
As with most things in life, mistakes and human error can happen. Some of the most common mistakes affecting SOC audits include:
- Insufficient documentation
- Poor staff awareness, communication, and education
- Poor SOC 2 scope
- No pre-audit readiness assessment
- Lack of internal control monitoring
Best Practices for Long-Term Compliance
When you implement SOC 2 compliance practices, your priority should be to implement them long-term. To succeed in long-term SOC 2 compliance, continuously monitor your security measures and make necessary adjustments and improvements. That means training and educating your employees, testing controls, identifying and repairing gaps in security, gathering evidence of your compliance measures, and assessing threats and challenges.
Data security is on everyone’s mind, from customers to business owners. With frequent security breaches and data attacks, it’s more important now than ever to implement continuous SOC 2 compliance.
If you’re interested in starting your SOC 2 compliance journey and taking your security measures to the next step, learn about Kastle and check out Kastle’s news and our resources.