Importance of SOC 2 Type 2 Audit and ISO 27001 Certification

Importance of SOC 2 Type 2 Audit and ISO 27001 Certification

In this digital world, the cyberattack is the most common and easy way to steal data, and a breach in data can be dangerous for the data handler as well as the breach of the privacy of the individual that has submitted his data to any organization. The organization which holds sensitive data requires the services of those organizations that safeguard their data against any cyber-crime. The organization must hold Software-as-a-service (SaaS) and be certified from SOC 2 Type 2 Audit Compliance and ISO 27001 certification.

Getting SOC 2 Certification by an accredited organization builds a sense of trust between customers that the company holding their data manages to keep all aspects of security to safeguard the data of their precious client. The client remains in peace of mind against any security threat posed by a group of hackers or cyber thieves that the organization is following the strict cyber security protocols to keep their data safe and secure. The ongoing compliance with SOC 2 Type 2 Audit and ISO 27001 certification is a demanding process by organizations, but we have to believe the demanding process of the third-party organization to provide the certificate of the SoC 2 Type 2 Audit.

What is SOC 2 Audit?

SOC stands for “System and Organization Control” and it was created and developed by the American Institute of Certified Public Accountants (AICPA) to make way to address growing concern over data privacy and protection. A SOC 2 report is designed in such a way to audit the process and controls of the service provider’s organization that stores customer data in the cloud server.

A SOC 2 audit is done by an independent third-party organization that reviews and tests everything of an organization like non-financing reporting controls as they are related to security, availability, processing integrity, confidentiality, and the privacy management of the system.

What does SOC 2 require?

The SOC 2 Audit has two levels of inspection. SOC 2 Type 1 Audit requires taking control that goes in line with five trust factors provided by the AICPA.

The five factors are as follows: –

Security: The protection of the information at the collection and creation, use, processing, transmission, and storage and protecting the system used for processing the electronic information to make the entity complete its objective.

Availability: All the information and the system used in the maintenance of the data are available for processing operation and monitoring by the concerned authority.

Processing Integrity: This term is used for the completeness, validity, accuracy, timeliness, and authorization of the system processing.

Confidentiality: Confidentiality refers to the protection of the information that is termed as confidential from its collection and creation to the final disposition and removal of the data.

Privacy: Privacy is the key in every organization as it ensures the use of the personal information that is collected, used, retained, disclosed, and disposed of in line with the privacy policy drawn by the organization.

An SOC 2 type 2 goes a step ahead by allowing a third party to monitor and test the process that how well an organization is doing to control work over a certain period. The certification process in SOC 2 type 2 Audit from a third party usually takes time from six months to one year.

What is ISO 27001?

ISO 27001 is the internationally acclaimed standard that specifies the requirements of the things in ISMS (Information Security Management System).  ISO 27001 is the cornerstone of effective information security risk management.

ISO 27001 demands from the organizations are doing and checking systematically the organization’s information security lapse, making note of all the threats, vulnerabilities, and impacts. To create and implement all aspects of security threat from all angle that is deemed unacceptable. Adopt an overall security management system to counter any threat or breach of security in the organization system of information security controls.

Conclusion

Accorp Partners is the leading and qualified financial advisors and handles all types of SOC audit and SOC reporting like SOC 2 audit, SOC 2 Type 1 Type 2 audit, ISO 27001, SOC 1 audit, SOC 2 certification. Do check our website to find more about investing rules and regulations in different companies.

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