This is a question I get asked all the time by Saas companies. ISO 27001 and SOC 2 are two important compliance standards that every company should have. However, they are often thought of as separate standards. In this blog post, I’m going to talk about why Saas companies should have both ISO 27001 and SOC 2 in together.
The Benefits of Vendors with ISO 27001 & SOC 2 Certification: –
The importance of third-party suppliers having ISO 27001 and SOC 2 certification cannot be understated, especially when it comes to safeguarding sensitive information. By ensuring your vendors have these certs, you can be rest assured that they have the necessary processes and procedures in place to protect your data.
SOC 2 Type II attestation and ISO 27001 audit reports provide customers with the ability to move through their legal and procurement processes without experiencing the expense and delays often associated with conducting their own detailed security audits, which can often have more than 300 controls.
These certifications work together to create a strong foundation to support other regulatory requirements, including Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry (PCI) Security Council Standards, California Consumer Privacy Act (CCPA), General Data Protection Regulation (GDPR), and Federal Risk and Authorization Management Program (FedRAMP).
How ISO 27001 provides the framework for information security management and SOC 2 provides the framework for service organization controls?
- ISO 27001: – ISO 27001 is the international standard that sets out the requirements for an information security management system (ISMS).An ISMS is a framework of policies and procedures that protect an organisation’s electronic information. It covers all aspects of information security, from data governance to risk management.
ISO 27001 provides the framework for organisations to protect their confidential information, while complying with data protection laws such as GDPR.
- SOC-2: – SOC 2 is a framework that service organizations can use to measure and report on the effectiveness of their controls. The framework was developed by the American Institute of Certified Public Accountants (AICPA) and is based on the Trust Services Principles (TSP)
The SOC 2 framework is used by organizations to assess their compliance with applicable laws and regulations, as well as to demonstrate their commitment to safeguarding their customers’ data. The framework consists of five Trust Services Principles: Security, Availability, Processing Integrity, Confidentiality, and Privacy.
ISO 27001 provides the framework for an information security management system (ISMS). A SOC 2 report provides an evaluation of the design and operating effectiveness of controls at a service organization relevant to security, availability, processing integrity, confidentiality, and privacy.
There are some key areas where ISO 27001 and SOC 2 SAME:
– Both standards require the organization to have a formal information security management program.
– Both standards require the organization to have risk management processes in place.
– Both standards require the organization to have incident response processes.
– Both standards require the organization to have periodic reviews and updates.
Benefits of having both ISO 27001 and SOC 2 in together : –
There are many benefits of having both ISO 27001 and SOC 2 in together. The two standards are complementary and work together to provide a comprehensive framework for information security and data privacy. Together, they provide a framework for risk management, incident response, and governance.
ISO 27001 is a standard for information security, while SOC 2 is a standard for data privacy and protection. When these two standards are combined, they provide a comprehensive framework for protecting information and data. The two standards are also regularly updated to reflect the latest changes in technology and security threats.
Saas companies should have both ISO 27001 and SOC 2 in together because they both deal with the security of your data. ISO 27001 is the standard for information security, and SOC 2 is the standard for the security of your data in the cloud. By having both of these standards, you can be sure that your data is safe both in the cloud and on your servers.