Learn the Basics of SOC 2 Compliance

In the present time, when almost all companies rely on cloud storage for their confidential data, it is critical for entities to implement a specific information security technique.

When it comes to choosing between the SOC 2 and ISO 27001 Certification, it is strenuous to opt for the beneficiary one.

Here in this blog, we have differentiated between these two types of information security techniques. This blog will help you determine what type of information security standard your company shall prefer to comply with.

Both of these security measures provide quality protection of a company’s valuable data and competitive benefits which makes it hard for the users to decide whether which one to opt for!

However, to select any of them, you need to know the similarities and differences.

To start learning about the differentiation and parallelism between the two, we need to first know about them. Let’s begin with the connotations of both of these information security methods.

What is ISO 27001 Certification?

ISO 27001 is a part of a sequence of certifications developed by the ISO/IEC 27000 series of information security programs.

ISO framework is a set of technologies provided to organizations for maintaining their security standards. All the codings a company uses to protect its data are bracketed under this set of programs.

They work based on the Information Security Management System (ISMS).

What is SOC 2 Compliance?

Service Organizational Control or abbreviated as SOC is an auditing process. It is a framework and third-party verification of a company’s enactment on managing their client’s data.

SOC 2, developed by the AICPA which is the American Institute of CPAs, as an integrant of their Service Organization Control reporting platform.

What Are the Similarities Between the Two?

Let’s discuss the similarities between both of these prominent information security compliances:

1. Tackling Information Security: Both the security methods focus on how an organization can identify and resolve its problems and adapt the right security measures to counter the potential risks.

2. Implementing the Policies and Procedures: Although both the measures work based on different software systems, they contrive similar procedures and policies. While the methods and strategies may sometimes differ at some points, the goal for both methodologies is to achieve righteous legalities and yield data protection.

3. International Acceptability: Both ISO 27001 and SOC 2 are internationally acceptable and applicable in the information security market. Complying with any of these methods will provide beneficiary data protection. Both of these frameworks give data security around the globe.

4. Management Responsibilities: Complying with any of these methods requires representation and understanding of management responsibilities. This includes setting up the right framework and implementing an accurate plan of action. Of course, all addressed to the company’s information security.

5. Demonstrates Management Commitment: Both the techniques work in their individual and unique ways to impose information security. Complying with any of these methods demonstrates management commitment towards the righteous security of their data.

6. Assessors for Audit: Both SOC 2 and ISO 27001 Certification require a third-party assessment that is certified and accredited to provide the correct assurance on controls and protection of data. These meet the criteria set by TSP in SOC and ISO protocols in ISO 27001.

These were some of the similarities between SOC 2 and ISO 27001.

And now, we will further discuss with you the differences between both of these information security measures.

What Are the Differences Between the Two?

1. Focus Areas:

ISO 27001: This is an industry-standard set to help companies protect the availability and rectitude of their data.

SOC 2: This report facilitates reviews of an authorized third-party audit based on the five principles of the Trust Services Criteria or TSC.

2. Availability and Scope:

ISO 27001: Here, the scope and availability rely on the objectives and potential areas of service of the company. For example, if a company intends to make its services available globally, there will be a need for ISO 27001 Certification to help build a client base.

SOC 2: SOC works with storing and protecting client data, having access to the customer data one way or the other. The applicability depends on the availability, protection level, expectation of the stakeholders, and the services offered.

3. Purpose:

ISO 27001: The audit and compliance help the companies achieve protection and certification of proof against data theft that is beneficial in building trust amongst the potential business relations or customers.

SOC 2: This audit facilitates organizational management to report to their customers that they have met the required security criteria — ensuring that their valuable information is safe from unwanted access.

4. Certification:

ISO 27001: This is a certification implying the conformity of the company’s information security towards the ISMS system.

SOC 2: One of the most essential differences between these methods is that SOC does not provide any certification. These are examination services conducted by the AICPA standards and considered assessment reports.

5. Deliverables:

ISO 27001: The deliverable for ISO 27001 is a certificate including information about the ISMS score, scope of information security, date of certificate issue and expiration, etc.

SOC 2: For this method, the final deliverable will be a report including an opinion letter, an assertion letter, a system description containing a narrative based on the crucial components of the organization’s system under review, applicable trust service criteria, related control activities, etc.

6. Certifying Authority:

ISO 27001: Only a recognized and accredited registrar under ISO 27001 can certify any other organization for the ISO 27001 Certificate.

SOC 2: Only a certified and licensed CPA firm can conduct a SOC audit and provide an attestation for the same. Sometimes, companies get their SOC audits from Chartered Accountants, which is not the legal way to receive an audit, and subsequently suffer a penalty in the future.

These are some major distinctions between the SOC 2 Certification and the ISO 27001 Certification.

As stated earlier in this blog, both the SOC 2 Certification and the ISO 27001 Certification are equally beneficial in terms of information security.

They both provide remarkable security against data theft and yield additional benefits.

In the end, you must study and compare both of these methods and choose the one that fits your frame.

How Can Under-Controls Management System Help?

Under-Controls Management System can help your company decide between both of these compliance techniques. This process can allow you to map your business processes, examine your infrastructure and security practices, and identify and rectify any gaps or vulnerabilities.

So, if your company is wondering which method to use, we will help you determine the right framework that can surely help you become compliant with industry standards. We can help provide your customers with the confidence that you have the necessary processes and practices in place to protect their data.

So, what is the wait for?

Contact Under-Controls Management System as soon as possible.

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