• SOC 1 focuses on internal controls over financial reporting. It's primarily used by service organisations that provide services that impact a client's financial statements. ‍
• SOC 2 focuses on security, availability, processing integrity, confidentiality, and privacy. It's more relevant for organisations that handle sensitive customer data.

• SOC 2 Type I report assesses the suitability of the design of controls at a specific point in time. It's like a snapshot of your security posture.
• SOC 2 Type II report assesses the suitability of the design and operating effectiveness of controls over a specific period. It's a more comprehensive evaluation of your security practices.

Learn the difference between SOC 2 Type I and Type II

The time it takes to achieve SOC 2 compliance varies depending on the size and complexity of your organisation. However, it typically takes several months. Key factors include:

• Existing security posture: If you have strong security controls in place, it might take less time.
• Scope of the audit: The number of systems and processes included in the audit will impact the timeline.
• Experience of your service organisation: A skilled service organisation can help streamline the process.

ISO 27001 covers information security. ISO 42001 specifically addresses AI management and governance. If you're using AI systems (and you probably are), you'll want both. Good news: they integrate beautifully and our platform handles both frameworks.Organisations that handle sensitive customer data, especially those in highly regulated industries like healthcare and finance, are often required to obtain SOC 2 compliance. This includes:

• Cloud service providers
• Software-as-a-service (SaaS) providers
• Payment processors
• Data centers

A SOC 2 report includes:

• Management's description of the service organisation's system and controls.
• Service auditor's description of the testing of controls.
• Service auditor's opinion on the suitability of the design and operating effectiveness of controls.

Continuous monitoring involves ongoing assessment and improvement of security controls. It helps organisations maintain compliance and identify potential security risks proactively. Key aspects include:

• Regular vulnerability assessments and penetration testing
• Security incident and event monitoring
• Ongoing employee training and awareness programs

The cost of SOC 2 compliance varies depending on several factors, including:

• Organisation size and complexity
• Scope of the audit
• Choice of service organisation
• Level of internal resources required

SOC 2 compliance offers several benefits for businesses:

• Enhanced security posture: It helps organisations identify and mitigate security risks.
• Improved customer trust: It demonstrates a commitment to data security and privacy.
• Increased market opportunities: Many clients require SOC 2 compliance from their service providers.
• Reduced risk of data breaches: Strong security controls can minimise the likelihood of data breaches.
• Regulatory compliance: It can help organisations meet regulatory requirements, especially in industries like healthcare and finance.

By investing in SOC 2 compliance, organisations can protect their sensitive data, build trust with customers, and gain a competitive edge.

Compliance management software like Hicomply helps with:

• Automating evidence collection.
• Streamlining policy management.
• Real-time compliance tracking.

SOC 2 compliance is an ongoing process. Type II audits are conducted annually to ensure controls remain effective over time.

Yes, SOC 2 often aligns with ISO 27001, PCI DSS, or GDPR. Using tools to map controls across frameworks can streamline compliance efforts.