What Is Soc 2 Stand For

Soc 2 ensures that a company s information security measures are in line with the unique parameters of today s cloud requirements.

What is soc 2 stand for.

Soc 2 service organization control 2. Liability concerns have caused a demand in assurance of confidentiality and privacy of information processed by the system. Some companies struggle with the differences between soc reports and whether they should get a soc 1 soc 2 or soc 3. Soc 2 discussion is well under way thanks in large part to the american institute of certified public accountants aicpa launch of their new service organization reporting platform known as the soc framework officially soc standards for system and organization controls which allows qualified practitioners i e licensed and registered certified public accountants to.

What does soc 2 stand for. We start by asking prospective clients about the type of. The need for greater trust and transparency into vendors operations processes and results is a strategic imperative. There are a few different types of soc reports simply put soc 1 deals with financial information and soc 2 deals with non financial information.

Soc stands for service organization control. Soc 2 pronounced sock two and more formally known as service organization control 2 reports on various organizational controls related to security availability processing integrity confidentiality or privacy. The soc 1 vs. Soc 2 is an auditing procedure that ensures your service providers securely manage your data to protect the interests of your organization and the privacy of its clients.

There are three types of soc reports. A soc 2 is a system and organization control 2 report. Soc 1 soc 2 and soc 3 reports fulfill your attestation reporting needs and deliver an independent tailored and customized attestation. Since our software is specifically designed to capture personal data during customer interactions security measures like bank grade encryption two factor authentication and more are a key component of how our software works.

What does soc stand for. Remaining soc 2 compliant is an important part of working with our clients. Soc 2 is a technical audit but goes beyond that. The soc 2 report was created in part because of the rise of cloud computing and business outsourcing of functions to service organizations.

See the aicpa website comparing the reports. Soc 2 stands for system and organization controls for which there are two 2 main types of soc reports soc 1 reports and soc 2 reports. These are called user entities in the soc reports. Soc 2 requires companies to establish and follow strict information security policies and procedures encompassing the security availability processing integrity and confidentiality of customer data.

Specifically soc 2 gives information service providers like software companies a way to verify their controls for. For security conscious businesses soc 2 compliance is a minimal requirement when considering a saas provider.