Organizations are growing increasingly sensitive to the potential financial and reputational risks associated with using service providers. Now, more than ever, customers, regulators, and business partners want to know that their data is being properly protected by their service providers.
The need for such knowledge about data security has placed a growing burden on the service providers themselves, and many are now investing significant time and resources towards responding to the various independent attestation requests they receive from their customers. However, with SOC2 reporting, service providers can now take a more efficient approach that can deliver improved customer confidence and potentially reduce costs.
Forecight SOC2 Readiness offers SOC 1 and SOC 2 assessments and compliance program services. Our SOC 2 readiness assessment and SOC compliance program services are built to help organizations prepare with pre-assessments of control design and effectiveness.
Trust Principles
Developed by the American Institute of CPAs (AICPA), SOC 2 defines criteria for managing customer data based on five “trust service principles”—security, availability, processing integrity, confidentiality and privacy.
- Security. The system is protected, both logically and physically, against unauthorized access.
- Availability – The system is available for operation and use as committed or agreed to.
- Processing Integrity – System processing is complete, accurate, timely, and authorized.
- Confidentiality – Information that is designated ‘confidential’ is protected as committed or agreed.
- Privacy – Personal information is collected, used, retained, and disclosed in conformity with the commitments in the entity’s privacy notice and with the privacy principles put forth by the American Institute of Certified Public Accountants, and the Canadian Institute of Chartered Public Accountants (CICA).
Unlike PCI DSS, which has very rigid requirements, SOC 2 reports are unique to each organization. In line with specific business practices, each designs its own controls to comply with one or more of the trust principles.
SOC 2 READINESS FRAMWORK
Forecight’s SOC 2 Readiness framework provides a streamlined process to attestation. Our 6-phase implementation framework includes understanding client business, setting business and security policy objectives, determining applicable SOC 2 trust principles, gap analysis, detail risk assessment, risk remediation support, policy documentation, end user training, monitoring, measurement, and audit leading to successful SOC 2 attestation.
PHASE VI – Attestation
Once the management framework is implemented, we leverage one of our CPA partners for a final audit. The audit includes:
- Documentation Review
- Interviews
- Testing control effectiveness
Upon successful audit completion, a draft report is issued, which is reviewed by the client, for final report. A typical report has 5 sections. Upon receiving the CPA SOC 2 report, the clients are officially SOC 2 attested.
SOC 2 Reports
SOC 2 Type 1 Report
Evaluates the design of organization’s controls at a specific time. Organizations that would like to demonstrate a established sound controls for systems and processes but have not yet had time to implement them fully.
Industries that can benefit from a SOC 2 Type 1 report:
- Healthcare
- Financial services
- FinTech
SOC 2 Type 2 Report
Evaluates the effectiveness of your organization’s controls. Organizations that would like to demonstrate that their controls have been fully implemented and are operating effectively.
Industries that can benefit from a SOC 2 Type 2 report:
- Cloud service providers
- Data centers
- Software as a Service (SaaS) providers
SOC 2+ Reports
SOC 2 reports that include additional requirements, such as HIPAA or PCI DSS compliance. They are targeted for organizations that need to demonstrate compliance with multiple regulatory frameworks.
Industries that can benefit from SOC 2+ reports:
- Healthcare
- E-commerce
- Financial services
Program Benefits
SOC 2 certification benefits your organization in the following ways:
- Robust security assurance for your clients
- Long-term cost savings and loss prevention
- Protection from potential reputational damage
- Streamlined regulatory compliance efforts
- Client loyalty and trust
SOC 2 Advisory Services
SOC 2 Gap Analysis
Compares internal operations and controls with requirements described in regulations and standards.
- Determine if your controls implementation meets the requirements of SOC 2
- Identify what further action is required to secure compliance with SOC 2
- Help you understand the efforts, resources and timescales required to achieve a positive external assessment.
SOC 2 Training & Awareness Workshop
By attending this 3-day workshop, your organization can establish whether SOC 2 is appropriate and how to approach acquiring a SOC 2 report and becoming SOC 2 compliant.
SOC 2 Assessment Support
Expert advice and guidance during the assessment to support evidence gathering and the presentation of control maturity to interpret what is being asked and to understand how best to demonstrate you are meeting SOC 2 requirements.
SOC 2 READINESS ASSESSMENT
Preparing for your first SOC 2 audit? After reviewing your policies and procedures, we can prioritize if certain controls should be considered for implementation prior to the audit.
SOC 2 TYPE 1 REPORT
A well-defined, highly detailed, quality report that proves to customers that an independent third party has audited your IT systems and that you meet your organization’s compliance objectives and those of your customers.
SOC 2 TYPE 2 REPORT
After controls testing throughout the year, your detailed SOC 2 Type 2 report informs customers that you’ve completed testing that validates your controls and processes.
SOC 2 ATTESTATION
Once the management framework is implemented, we engage our expert SOC 2 audit partners for final SOC 2 compliance and attestation.
