With cybersecurity concerns at an all-time high, organizations cannot afford to downsize or procrastinate when it comes to protecting your and your customer’s systems and data. Combine these realities with an increase in the use of employee personal devices and remote work, and the importance of assessing your security controls and practices has never been more pressing.
Obtaining a systems and organizational security (SOC 2) report will solidify and verify your commitment to security.
Defining SOC Standards
The American Institute of Certified Public Accountants (AICPA) developed the SOC 2 standards to aid companies in assessing whether they are meeting a set of measures known as the trust services criteria. These guidelines look at the steps you have taken to ensure the security, availability, processing integrity, confidentiality, and privacy of the customer data you store, manage or transmit. With a SOC 2 certification in hand, you can assure your third-party contractors and customers that their information is well-protected against even the most current forms of malware and intrusion.
SOC 2 certification directly leads to other benefits as well. The information it provides allows you to create, implement, and maintain ongoing procedures and technologies that keep your digital fortress robust even after completing the audit. Armed with the facts you learn, your team can accurately map your assets, assess your vulnerabilities, prioritize risk and fill holes in your cyber armor before hackers exploit them. Moreover, you can have the peace of mind that comes with knowing that you comply with the regulations that govern your industry.
SOC 2 Cost
There are clear advantages to be obtained from undergoing the SOC 2 audit and certification process. Nevertheless, it is an investment both in time and financial resources. To calculate SOC 2 costs, you must first determine which kind of audit your company needs. The SOC 2 Type 1 report is less extensive, capturing an organization’s security posture at a particular point in time.
By contrast, the SOC 2 Type 2 audit provides feedback over a more lengthy review period. As you might imagine, a type 1 audit is less expensive. Other factors that contribute to the price you pay include the size and scope of your business and the amount of groundwork and preparation your team has conducted before the reporting period.
The SOC 2 Cost your company will pay for a Type 1 audit and certification in 2023 will range widely. Quotes run anywhere between $10,000 to $60,000 for a Type 1 report. These figures are broad because each business is different in its scope, challenges, and pre-existing systems and practices. These figures do not include additional expenses you incur when you conduct a readiness assessment. This preparatory procedure helps your organization gear up for the actual SOC 2 Type 1 and can be conducted via a third-party company such as TrustNet.
Obtaining SOC 2 Type 2 certification is the direction to pursue if you require more than a snapshot of your company’s cybersecurity compliance. In that case, you can expect the audit and certification to cost anywhere from $30,000 to $100,000 for this more extensive review that can span anywhere from three to 12 months. Just as is the case with the Type 1 audit and certification described above, you will also have to invest additional dollars for internal or outsourced readiness assessments, legal fees, training, and staff time.
Regardless of which kind of SOC 2 audit you pursue, you may also need to invest in security tools such as anti-virus, firewall, and user authentication software necessary to bring you into compliance with SOC standards ultimately. Inevitably, recommendations will be made that change or augment your existing practices and procedures. That will result in the need for additional training to promote a culture of security knowledge and awareness among all stakeholders.
Why Should I Work With TrustNet for SOC 2 Certification?
Whether you choose a Type 1 or Type 2 SOC 2 audit and certification, it represents a significant outlay of time and money for your organization. Therefore, you must work with a group of professionals who have the expertise and a proven track record.
At TrustNet, we spend time with your team to understand your organization’s unique needs and priorities. Our goal is to provide you with all the guidance, tools, and feedback you need to comply with the AICPA guidelines. As a result, your organization’s security posture will be robust, your investors and customers will have peace of mind, and you can prosper knowing that your physical systems and the data you manage are shielded from any attack.