Know the Benefits of SOC Assessments

SOC Assessments

SOC is a standard designed for the service organizations that impart services to their clients and customers. It helps to build trust between the customers and clients with the service providers. SOC is Service Organization Controls.

The SOC is a standard which can be assessed. There are many benefits of SOC assessments like it assures the clients that their sensitive data is safe and this helps to build trust between the users and the service organizations. It gives you a competitive edge as you can show your commitment to protecting the sensitive data.

SOC audits and assessments

There are three types of SOC reports based on their usage and service controls. The details are as follows:

SOC 1 report

This report is for Internal control over Financial Reporting and this report is for the controls of service organization over its user’s financial reporting. There are Type 1 and Type 2 reports.

The Type 1 report checks how suitable the design of controls of a financial organization and the objectives are on a specified date.

The Type 2 report checks the effectiveness of the controls of a financial organization to achieve an objective for the specified period.

SOC 2 report

This report focuses on the controls required at a service organization for security, integrity, privacy, availability and more. There are Type 1 and Type 2 reports.

The Type 1 report checks how suitable the design of controls of a service organization and the objectives is on a specific date.

The Type 2 report checks how effective the controls of a service organization are to achieve an objective for a specified period.

SOC 3 report

This report is made as per the SOC 2 report. SOC 3 reporting can be distributed freely to the customers who want to know about the controls managed and maintained by the organization.

SOC - Benefits of assessments

The main benefit is that it can find vulnerabilities that only experienced auditors can find. It makes your environment strong and suggests how to mature your practices. It verifies the policies and the procedures of an organization which are required to provide high quality services.