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Companies want their customers to trust implicitly. When your customers trust your company, success and profit indeed follow. For many companies, a vital trust mechanism is passing a SOC 2 audit and demonstrating your Attestation Report. Many already know that SOC 2 success is necessary, but many may not realize it is resource and time intensive for those unfamiliar with the process. In this blog, we want to make sure you come away with a firm understanding of what SOC 2 entails and, perhaps even more important, show you that there is an accessible, streamlined, and better way to prepare for SOC 2 self-assessments and the formal audit process itself.
The American Institute of Certified Public Accountants (AICPA) developed a framework (SOC 2 or System and Organization Controls 2) for technology services or companies (i.e., SaaS) that utilize cloud storage for customer data. SOC 2 ensures that compliance and risk practices are in place, so consumer data is safe. SOC 2 defines criteria for managing customer data based on five Trust Service Principles developed by AICPA — security, availability, processing integrity, confidentiality, and privacy.
In short, if your business model includes storing, processing, or transmitting customer data information, you most likely need to achieve SOC 2 certification to be competitive in the market.
When all security controls, systems, and processes are in place, you must engage a third-party auditor to assess if you comply with one or more of the five SOC 2 Trust Services Criteria.
If all this sounds like a lot, it is. SOC 2 journeys have as many chapters as they do challenges. It takes time and resources, from educating process owners to managing evidence and documentation to compiling auditor requests. The good news is that there is a modern and easy-to-use platform that can make your SOC 2 journey smooth sailing. LogicGate's Risk Cloud efficiently maps business processes, audits infrastructure and security practices, and effectively identifies and corrects gaps or vulnerabilities within one holistic GRC platform.
You can win at risk by owning your risk story. Don't let manual work get in the way of a successful SOC 2 audit. With Risk Cloud's SOC 2 Compliance Application you can easily automate tasks and provide next-level reporting that will make you the talk of the board room.
Learn more about LogicGate's SOC 2 Compliance Application to see how it can help your organization prepare for and achieve a SOC 2 attestation report. Request a demo or visit us at logicgate.com.
Learn how LogicGate's customer, Amount, used Risk Cloud to gather evidence of controls quickly, attain SOC 1 Type 2 and SOC 2 Type 2 certifications, and make their processes even more robust. Read the full case study.
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