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What Businesses Should Know about SOC 2 Type 1 Compliance?

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What Businesses Should Know about SOC 2 Type 1 Compliance?

It is common to get confused between SOC 2 type 1 and 2 if you are new to the compliance world. When the SOC 2 Type 1 aims to assess the security process design, the SOC 2 Type 2 shows how effective the controls are after an observation of 3 to 6 months. However, in this blog, we are going to focus on SOC 2 type 1 compliance and how it can help different organizations. Keep on reading.

What is SOC 2 Type 1 Compliance?

The purpose of SOC 2 type 1 is to check the design of the internal control of an organization. This type checks the SOC 2 compliance posture and checks if the implemented control can match the needs of the framework. The core idea behind it is to make sure the fact that your clients are meeting the best ways to manage an organization’s sensitive information. Getting SOC 2 Type 1 compliance is beneficial as it’s a parameter of the credibility of a business and the leading organizations love to work with companies that keep top priority to security.

How to Get Ready for SOC 2 Type 1 Audit?

Build Your Team

There are many facts to consider when you are looking for a smooth and hassle-free SOC 2 type 1 audit process. For the best solutions, try to get experienced team leads from important departments like HR, marketing, Sales, etc. Focus on finding the right person as the team lead with a sound understanding of your company’s policy. Be sure to keep track of every process to avoid any confusion in the end.

Focus on 5 SOC 2 Key Principles

After you decide on your team, the next step to get SOC 2 compliance type 1 would be focusing on the five trust principles of SOC 2, including security, availability, confidentiality, processing integrity, and privacy. One thing you should keep in mind at this stage is all of these principles are not at all relevant for all the organizations.

 For instance- there is no need to focus on processing integrity when you are running a cloud-hosted business. Here you should give more relevance to the availability.

Focus on Control Implementation according to the Trust Principle 

Now at this stage, to get the SOC 2 type 1 compliance, you need to set up the administrative and technical security control. Know about each control in brief here.

5 Trust Principles of SOC 2 Compliance

  • Security- The five basic nine criteria of security are risk assessment, control monitoring, design control, environment control, assessing the risk, and communication and information.
  • Availability: The tentative controls to meet this goal are IRP( Incident Response Planning), DDoS( Distributed Denial of Service)
  • Confidentiality: It is needed to keep the relevant facts like access control, data encryption, and network firewall to meet the confidentiality criteria.
  • Processing integrity: Endpoint security and server safety matter the most when you are working with a Cloud Service Provider (CSP). 
  • Privacy: The eight controls of privacy are use and disposal, data management, security, use and disposal, and more. 

Go for Conducting the Readiness Assessment 

Congratulations! Now you have reached very near to get your SOC 2 Type 1 Report. This stage will let you know how prepared your business is to get this Report. Here the consultant will work on checking if the audit scope of your business matches the control after doing a document review. They will also work on finding the gaps ( if there are any). Then they will let you know their observations.

Select the Auditor 

For a smooth SOC 2 report process, try to find a third-party auditor with experience working with similar projects like yours. Before finding any auditor, be sure to check reviews about them.

Why Does a Business Need SOC 2 Type 1 Report?

Various reasons are there to get the SOC 2 compliance type 1 compliance for your business. Some of them are:

Competitive Advantage for startups

If you are a SaaS vendor, customer retention and acquisition can be challenging. Here SOC 2 type 1 works as a USP and gives a competitive edge to the businesses. After achieving SOC 2 Type 1 compliance, businesses can present themselves as credible partners. 

Meet Immediate Needs 

You may not get your SOC 2 Report very quickly when needed. If the situation arises that your client is seeking security proof but you don’t have the full report in hand, SOC 2 Type 1 Report can act as your savior. You can present it to your client as proof for showcasing the data security and efficiency of your business. It acts like an industry standard that stamps your business as a credible one.

Why Socurely? How can we help your organization achieve SOC 2 Type 1 compliance?

There’s no doubt that the process of getting SOC 2 type 1 Report is hectic and complex. But don’t worry, we are here to make the whole journey super-easy. To meet the SOC 2 Type 1 needs of our clients in the best way we offer:

  • A seamless, continuous monitoring process reduces the chances of errors
  • Our automated evidence control methods with more than 25 integrations address the alarming vulnerabilities and meet the clients’ needs properly.
  • The continuous regulation updates of SOC 2 Type 1 compliance assure better accountability, speed, and real-time updates.
  • We maintain a seamless collaboration with auditors and provide the right platform to them for making the whole process a flawless and smoother one. 
  • Select from our wide range of policy libraries catering to your specific business needs.
  • Our self-serve process offers accelerated employee onboarding. 

For more details visit https://socurely.com/frameworks/soc-2/

Conclusion

Sounds impressive? Looking to get the best SOC 2 Type 1 compliance solutions from the pros? Without hesitation choose us and make sure to reap all the amazing benefits of SOC 2 type 1 Report.  

FAQs on SOC 2 Type 1 Compliance 

Basically Which Kind of Companies are the targets of SOC 2 compliance?

Companies like cloud service providers, marketing firms, and different financial services providers are the prime targets of this service.

Is SOC 2 type 1 or 2 a must?

Mandatorily not. But as said before, it’s an effective way to increase the credibility of your business that will keep your business ahead of the competitors. 

Why to Deal with Experts for SOC Audits?

Most importantly because of their expertise. As they have valuable experience over the years, they ensure the whole auditing process goes smoothly and flawlessly.

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Streamline security awareness, reduce administrative overhead, and ensure an informed, engaged, and compliant workforce with Socurely’s Employee Portal.

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It runs silently across Windows, Mac, and Linux, providing real-time insights without disrupting workflows. Achieve 24/7 readiness with this simple and effective platform feature.

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Save time and costs with an automated audit process, keeping your organization compliant and audit-ready year-round.

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This smart feature continuously monitors your systems to collect data and store it in one place for easier audits and policy updates. From security configurations and access logs to compliance documents, always have up-to-date, audit-ready evidence without lifting a finger. Simplify your audits, boost accuracy, and gain peace of mind effortlessly.

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