Why do I need a SOC 2 Report?
A SOC 2 report offers information on how a company’s internal house is being kept in order. A SOC 2 reports on a business’s non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality, and privacy of a system. SOC 2 is based upon 5 Trust Principles.
Here is a high-level overview of the Trust Principles:
- Security – The system is protected against unauthorized access, both physical and logical
- Availability – The system is available for operation and use as committed or agreed
- Processing Integrity – System processing is complete, accurate, timely, and authorized
- Confidentiality – Information designated as confidential is protected as committed or agreed
- Privacy – Personal information is collected, used, retained, disclosed, and destroyed in conformity with the commitments in the entity’s privacy notice and with the criteria set forth in Generally Accepted Privacy Principles (GAPP)
A SOC 2 report demonstrates to your customers and clients that you can reliably protect sensitive data, have risk management processes in place, you can show proof of compliance and that all this has been verified by an independent 3rd party.