Comprehensive Guide to SOC Report

Compliance with the requirements of even the most basic soc 2 checklist is a key aspect of any company’s development in the field of data protection. Let’s say you want to launch a SaaS business and target your advertising to medium-sized customers. In this situation, you must follow the rules and regulations and make sure your business is very secure. But many organizations try to circumvent these requirements by using security questionnaires. Do they succeed?

 An answer is no, because often a client or customer will request a SOC certificate. Then you can realize the importance of compliance and understanding what is soc 2 compliance checklist. But the UnderDefense team will definitely not allow a situation where you are caught off guard. 

 SOC compliance is when an organization gets checked by an independent group to prove that they have certain rules and protections in action. SOC compliance also applies to supply chain and cybersecurity.

Retrospective of the issue

 In April 2010, the American Institute of Certified Public Accountants (AICPA) made changes to SAS 70. The updated and new auditing rule is named Statement on Standards for Attestation Engagements (SSAE 16).

 Along with the SSAE 16 audit, three other reports were also prepared to examine the control system of a service organization. These reports are called SOC reports. There are three types: SOC 1, SOC 2, and SOC 3. Each report has different goals.

In this article, the UnderDefense team will discuss SOC reports, where they can be used, and how they relate to IT security.

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What exactly is a SOC report?

SOC reports can provide organizations with an edge over their competitors by saving them time and money. It uses external and independent auditors to examine various aspects of an organization, including:

 

  • Accessibility
  • Confidentiality
  • Privacy
  • Processing integrity
  • Security
  • Controls related to cyber security
  • Controls related to financial reporting

 

SOC reports give companies confidence that potential service providers are operating in compliance and ethically. While audits can be difficult, they offer great security and trust. SOC reports help establish the credibility and reliability of a service provider.

 

In addition, SOC reports are useful for:

 

  • Vendor management programs
  • Organization oversight
  • Regulatory oversight
  • Risk management

 

Why is a SOC report essential?

Many businesses like data centers, SaaS providers, loan servicers, and claims processors need to go through a SOC examination. These groups have to keep the important information of their customers or users safe.

So, any company that gives services to other companies or users can have a SOC exam. A SOC report shows that a company is honest and trustworthy, and it also helps you identify any problems or weaknesses in how the company manages its operations or serves its customers.

 

What can you expect from a SOC assessment?

Before you go through the SOC assessment process, you need to determine what type of SOC report you need that best suits your organization. Then the official process will begin with a readiness assessment.

 Service organizations prepare for the exam by identifying potential warning signs, gaps, deficiencies, and more. This way, the company can buy soc 2 checklist to quickly understand the options available to fix these flaws and weaknesses.

 

Who can perform a SOC audit?

SOC audits are done by accountants or accounting firms who are not part of the company being audited.

 The AICPA establishes professional standards to govern the work of SOC auditors. In addition, organizations must follow certain guidelines for implementation, planning, and supervision.

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Every AICPA audit is reviewed by other professionals. Companies or accounting firms also employ people who are not certified accountants but have knowledge in IT and security to get ready for SOC audits. But the CPA needs to review and share the final report.

 

UnderDefense security measures

  • Utilize a version control system to manage source code, documentation, and other critical materials.
  • Establish a clear process for employees and customers to report incidents and issues related to security, confidentiality, integrity, and availability to management.
  • Creating an incident response plan and assigning dedicated staff to the response team.
  • We also monitor your IT-security policies, procedures, and infrastructure to ensure that our employees are complying with industry standards.
  • And much more

 

Encryption

All data on UnderDefense (both on physical devices and in the cloud) is encrypted using SSL/TLS. In addition, information stored on all company laptops is also automatically encrypted using full disk encryption.

 

Access control and monitoring

We apply a “least privilege” policy to customer data, which means that employees have access to only the customer data they need to perform their business tasks

Employees must have administrator privileges to access or make changes to the version control system

To access sensitive data and applications, we require two-factor authentication in the form of a user ID, password, OTP and/or certificate.

However, this is only part of the work we’ve done to ensure that our platform is fully secure.

To learn more about what security practices we’ve implemented since the audit (and what we’re doing to make sure we maintain fortress-level security), you can visit our website.

 

Thus, our audit helps to:

 

  • Better protect your business from cyber threats
  • Provide quality and reliable service to all our customers
  • Assure our business partners that their data is safe in our hands

 

Have you been looking for a tool to ensure the cybersecurity of the entire company’s infrastructure or a separate part of it, which has exceptional accuracy but at the same time provides reliable data protection? You have found the UnderDefense team.

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Conclusion

Once these cybersecurity best practices are implemented in your business, the work is really just beginning. The personal involvement of every employee in a company’s cybersecurity efforts is essential as their daily threat awareness increases and best practices and buy soc 2 checklist security capabilities become part of the company’s organizational culture, which is critical to making the entire enterprise more secure.

Cyberattacks are constantly evolving, which means security solutions must keep up with them to remain effective. Knowing about the latest attacks and security measures is crucial to understanding the severity of the situation and the safety of your team, but business owners can rarely become cybersecurity experts themselves with little time to spare. So choosing the right solution becomes even more important.