Fast? More like lightspeed. Meet the most accelerated SOC 2 compliance software and audit solution

SOC 2 is an objective, third-party system that tells customers that they can trust your startup to handle their data with the utmost care.  This is the compliance audit most commonly sought by startups, particularly SaaS, as it’s relevant for any business that uses the cloud to store data. To become SOC 2 compliant, a startup must choose at least one or more Trust Services Criteria and a type to test against.

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There are two different types of SOC 2 reports:

• A SOC 2 Type I audit tests the design of your compliance program.
 It assesses your compliance at one point in time. Typically, this involves checking to see that you’ve identified and documented the controls you have in place, as well as sufficient evidence that your controls
are functional at that point in time.
• A SOC 2 Type II, on the other hand, tests not only your compliance program but also the operating effectiveness of controls over time. Usually, a Type II audit assesses your compliance over a six to 12-month review period, with your first audit typically lasting up to six months.

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There are three types of SOC reports:

• SOC 1: Service Organization Control 1 (SOC 1) evaluates the effect of service organization controls on financial statements. For example, say your SaaS startup provides billing services to large companies. Chances are your customers will require the startup to become SOC 1 compliant because the startup’s billing process impacts their financial reporting.
• SOC 2: Service Organization Control 2 is a procedure that examines service providers. The audit determines if they are securely managing 3rd party data, like personal information, to protect information and ensure privacy. Compliance with SOC 2 is usually a requirement when considering SaaS providers.
• SOC 3: Service Organization Control 3 is a public report of internal controls over security, availability, processing integrity, and confidentiality. Like all other SOC certifications, it was established by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) Trust Service Criteria (TSC).

SOC 2 uses the COSO framework to test your internal controls related to security, availability, processing integrity, confidentiality, and privacy against five Trust Services Criteria.

Issued by the AICPA, the Trust Services Criteria evaluates how companies process information and manage customer data. This covers five components, which include:

1. Security
2. Availability
3. Confidentiality
4. Privacy
5. Processing

In order to define the scope of the audit and the necessary controls, SOC 2 reports must address one or more of the criteria.

There are plenty of factors that can shift the cost of getting SOC 2 compliant. These include:

• Number of employees
• Scope
• Time frame
• Vendor selection and management
• Auditors

Without managing your SOC 2 process with experts and a software platform, it could cost upwards of $80,000 and last over 18 months. Using SOC 2 compliance software, like Thoropass, can save you hundreds–if not thousands–of dollars and months of your team’s time by automating and supporting you through the process.

SOC 2 compliance software like Thoropass offers several benefits to organizations striving to achieve and maintain SOC 2 compliance:

1. Streamlined Compliance Process: Automates the tracking, monitoring, and documentation of compliance activities, reducing manual efforts and the likelihood of human error.
2. Centralized Documentation: Provides a single platform to store and manage all compliance-related documents, making it easier to organize, access, and share information during audits.
3. Real-time Monitoring and Alerts: Continuously monitors internal controls, systems, and processes for compliance issues, providing real-time alerts to address potential problems promptly.
4. Enhanced Reporting and Readiness: Simplifies the generation of compliance reports and ensures that organizations are always prepared for audits with up-to-date documentation and evidence of compliance efforts.

Overall, SOC 2 compliance software helps organizations efficiently manage compliance requirements, reduce administrative burdens, and improve overall security posture.

Continued SOC 2 compliance involves regular audits, internal assessments, and continuous monitoring of systems to ensure adherence to Trust Services Criteria. Organizations must maintain and update security policies, provide ongoing employee training, and manage risks proactively. Effective incident response, vendor management, and structured change management processes are also essential. Thorough documentation and consistent reporting support the audit process and demonstrate the organization’s commitment to security and compliance.

Leveraging compliance automation tools, like Thoropass, can help you get and stay compliant by providing a central hub for all communication, risk management, evidence collection, etc. Book a demo to see how it works.