TL;DR: It’s never a good time to undergo any kind of audit. But SOC 2 is different. SOC 2 certification shows that you “mean what you say and you say what you mean,” - that security is just as important to you as it is to your customers. Even if you are just starting out, consider the benefits of a SOC 2 and how it benefits your business.
SOC 2 (Systems and Organization Controls 2) probably casts the widest net when it comes to cloud compliance. It is not industry specific but it defines broad criteria for managing customer data based on five Trust Service Criteria (TSC): Security, Availability, Integrity of processing, Confidentiality and Privacy.
And while SOC 2 is not industry specific, the requirements for SOC 2 certification are unique to each organization that seeks it, based on the unique character of the organization and the sensitive information handled.
The rise in cloud computing, and its outsourcing, gave rise to SOC 2. Liability concerns caused a demand in assurance of confidentiality and privacy of information processed by the system.
In its simplest form, SOC 2 requirements govern anyone (vendors, third party providers, SaaS providers, PaaS providers, and more) that has access to, transfers, or stores client information in the cloud.
If you are an independent software vendor (ISV), strictly speaking, you have no SOC 2 regulatory requirements. So why should you care?
According to Gartner, by the end of 2023, modern privacy laws will cover the personal information of 75% of the world’s population. And by 2025, 60% of organizations will use cybersecurity risk as a primary determinant in conducting third-party transactions and business engagements.
For these reasons alone, ISV’s have good business reasons to adopt SOC 2 standards that promise protection of customer’s data.
Turns out that SOC 2 is more than just window dressing - it has commercial value. With it, you can show potential customers that you have:
When you pass SOC 2, you can prove to your prospects that you are better and it gives you a leg up.
To be blunt, it’s never a good time to undergo an audit. But if you make SOC 2 an annual priority, it is worth the financial investment.
And the earlier you do in your company’s evolution, the better off you are.
Yes, you might have limited resources. And yes, as a small company, you lack both the financial and human capital to handle a SOC 2 audit when you are focused on your product.
But if you spent your “infancy” learning how to walk - gathering the information you need across various departments - it will be easier to learn how to run.
While your team is small, and agile, auditing requests can be addressed quickly. And developing controls early on will only strengthen you as you grow.
You are never too small for us. Even if you are just starting out, consider the impact that a SOC 2 certification can have on your growth. Now is the time to prove to your customers that you can be trusted. We can help you with rigorous cloud security required by SOC 2 and ensure your company’s reputation and growth.
Our process is a straightforward but uncompromising multi-pronged approach. Ibexlabs will work with you to make sure that your cloud meet SOC 2’s 5 Trust Service Criteria (TSC)m including these crucial infrastructural requirements:
We partner with global industry leaders like Ermetic, ZScaler, Cloud Storage Security to find security gaps and remediate them as soon as possible, and we have extensive experience of implementing cloud architecture that enables companies to achieve security compliance faster.
We deliver innovation, deep expertise, and an agile framework to meet your business and technical demands with a holistic approach to enterprise security. And we will stay with you all the way that best practices are deployed regularly to ensure that you pass SOC 2 audits year after year.
Contact Ibexlabs today so you can get your SOC 2 certification tomorrow.