SOC 2 may be a voluntary standard, but for today’s security-conscious business, it is a minimum requirement when considering a SaaS provider. Compliance can be a long and complicated process, but a scanner like Intruder makes it easy to check the vulnerability management box.
Security is critical for all organizations, including those that outsource core business operations to third parties such as SaaS vendors and cloud providers. Rightly so, as the misuse of data – particularly by application and network security providers – can leave organizations vulnerable to attacks such as data theft, extortion and malware.
But how secure are the third parties you’ve entrusted with your data? SOC 2 is a framework that ensures these service providers securely manage data to protect their customers and clients. For security-conscious businesses – and security should be a priority for every business today – SOC 2 is now a minimum requirement when considering a SaaS provider.
What SOC 2 means for SaaS
SaaS providers understand the benefits of a SOC 2 report for their business and their customers. This gives them a competitive edge. It helps in the continuous improvement of their security practices. It helps them meet customer expectations. Most importantly, it gives current and potential customers peace of mind. They can be sure that the SaaS provider has a strong information security practice to keep their data safe and secure.
What is SOC 2?
Developed by the American Institute of CPAs (AICPA), SOC 2 requires compliance for the management of customer data based on five criteria or “trust service principles” – security, availability, processing integrity, confidentiality and privacy.
It is a technical audit and a requirement that comprehensive information security policies and procedures are documented and followed. As with all the best compliance certifications and accreditation, it’s not just about connecting the dots. It includes a complex set of requirements that must be documented, reviewed, addressed and monitored. There are two types or stages: Type 1 and Type 2.
Type 1 or 2?
A SOC 2 Type 1 report assesses cybersecurity controls at a single point in time. The purpose is to determine whether the internal controls in place to protect customer data are sufficient and correctly designed. Do they meet the required criteria?
A Type 2 report goes a step further, where the auditor also reports on how effective those controls are. They look at how well the system and controls work over time (usually 3-12 months). What is their operational effectiveness? Do they work and function as intended?
It’s not just about technology
If you think only technology companies like SaaS or cloud service providers need SOC 2 certification, think again. Whatever the vertical or industry sector, SOC 2 certification shows that your organization maintains a high level of information security.
This is why healthcare providers such as hospitals or insurance companies may require a SOC 2 audit to provide an additional level of scrutiny over their security systems. The same can be said for financial services companies or accounting firms that handle payments and financial information. While they may meet industry requirements such as PCI DSS (Payment Card Industry Data Security Standard), they often choose to undergo SOC 2 for added reliability or if customers insist on it.
Cost effective compliance
Rigorous compliance requirements ensure that sensitive information is handled responsibly. Therefore, any organization that implements the necessary controls is less likely to suffer a data breach or violate user privacy. This protects them from the negative effects of data loss, such as regulatory action and reputational damage.
SOC 2 compliant organizations can use this to demonstrate to customers that they are committed to information security, which in turn can create new business opportunities because the framework states that compliant organizations can share data only with other organizations that have passed the audit.
SOC 2 simplified by Intruder
One check you should go through for your SOC 2 report is vulnerability management. And for that you can use Intruder. Intruder is easy to understand, buy and use. Just sign up and pay by credit card. Job done. You can tick the SOC 2 vulnerability management box in less than 10 minutes.
Of course, Intruder is also a great tool to use on a daily basis. Not only for its continuous monitoring to ensure your perimeters are secure, but for other scenarios that may require a SOC 2 report, such as proper care. Whether your business is trying to secure new investment, going through a merger or being acquired by another business, due diligence will include your security posture, how you handle data and your exposure to risk and threats . With Intruder, it’s easy to prove you take information security seriously.
Try Intruder free for 30 days at intruder.io
