SOC Report Cost

Sample Pricing

What does a SOC Report cost?

One of the most frequently asked questions from small local businesses to large global enterprises is what does a SOC Report cost?

There are three primary cost components to the SOC Report:

SOC Gap Assessments

Initial assessment to determine the scope and identify gaps

SOC Remediation

Cost of technology, procedures, and resources to become compliant and close the gaps found in the Gap Assessment

SOC Audit and Report

Recurring annual cost to audit the controls and provide the SOC report

The cost of a SOC report is dependent on the scope of the audit, the size of your organization, processing complexity, and maturity of the controls. The overall cost of a SOC Report is also influenced by the scope of the SOC testing environment, number of in-scope Trust Services Principles, size of the organization, number of locations and data centers, and the type of SOC report, either a Type 1 or Type 2. Experienced assessors such as TrustNet provide a cost-effective approach to meeting the SOC Report requirements without comprising information integrity. The cost for a typical SOC Type 1 starts at $20,000, and SOC Type 2 starts at $30,000. Managing the cost of a SOC Report is, of course, very important and a sound approach. With experienced assessors like TrustNet by your side, a successful SOC assessment will provide long-term value to your organization. For nearly two decades, TrustNet has provided cost-effective SOC report services to hundreds of organizations across all industries and worldwide.

Other SOC 2 Certification Costs to Consider

If you spend a lot of time and money on a SOC 2 audit, it’s critical to be confident about the cost.

Readiness assessment

An assessment is meant to teach your team on the audit scope and conduct preliminary research, including determining data stores, mapping workflow, and compiling a technological systems inventory. It’s also an excellent time to notify some of your most important teams, such as legal and human resources, that some of your company’s documentation and policies will need to change.

SOC 2 certification cost: Productivity 

Keep in mind that the people who will devote their time to the SOC 2 process will do so throughout the project. As a result, they’ll be forced to take time away from other responsibilities to focus on the audit. Most companies do not consider this loss in productivity (at least not early enough). The main reason for this is that it’s not a visible expenditure to consider.

It’s not a task for your IT department or security staff. It’s the work of a person with technological knowledge who can use that expertise to schedule the team effectively.

Training for personnel

The cost of staff training is an important SOC 2 audit investment. It’s a good idea to start with yearly security awareness sessions, either through a third party (usually a cybersecurity company) or in-house. This is an educational program that attempts to educate your workers about data security procedures. The starting price for a typical third-party program ranges from 1000$ for 50 employees.

SOC 2 audit cost: Building vs. buying decisions

You may need to invest in new technology as your SOC 2 audit gathers steam. These products will:

  • gather asset lists
  • create tickets to track compliance actions
  • administer security and reporting compliance
  • detect dangers and attacks
  • assess vulnerabilities

There will be a never-ending debate about whether to produce or buy these tools. If you have the in-house capacity to create these systems, you’ll want to build them. If your business is smaller or doesn’t have development expertise on hand, buying them may be the best option. Each one has its own set of requirements, but as a whole, a mid-market business may anticipate to spend 5-15K here.

Time and money are important factors to consider when deciding whether to develop or purchase. For example, should you opt for extensible open-source Access Onboarding & Termination Policy solutions at first or switch to another solution if your organization wants to get ahead?

SOC 2 compliance cost: Legal

All client and vendor agreements, contractor and subcontractor contracts, and employment documents should be reviewed with your attorney. These documents establish a basis for responsibility assignment that may be used to defend your privacy, confidentiality, and security policies in the future. Expect that revisiting these on an annual basis as part of an audit will be a continual SOC 2 expense.

Annual maintenance expenses

You’ll need to complete an audit each year to keep SOC 2 compliance

Even if you stay with a SOC 2 Type I audit, it isn’t cheap. Even so, obtaining a good SOC 2 certificate may save you money in the long run in a variety of ways:

  • More companies want to do business with you, raising your income.
  • Your SOC 2 report distinguishes you from the competition, attracting more consumers than others.
  • Your newly built secure technology prevents data breaches that can lead to millions of dollars in fines.

Schedule a Meeting With Us

How Is A SOC 2 Audit Different With Trustnet?

A SOC 2 audit involves using both human expertise and technology to assess your company’s data security systems, protocols, and practices. Obtaining your audit from TrustNet will provide you with an unparalleled partner in the space, with the expertise and customized guidance that can only come from a human team with decades of proven experience in the field.

We understand that every business has its own unique set of needs, constraints, and systems. Instead of performing template-style audits, we take time to listen and learn. When you receive your report, you can rest assured that it will be carefully crafted to meet your organization’s unique requirements while simultaneously ensuring your full compliance with SOC 2 standards.