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.

Does SOC 2 Apply to Me? 

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?

SOC 2 Business Benefits for ISVs

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:

  • Credibility: When you complete a SOC 2 audit, you prove that you take security seriously. The strength of your security makes you more credible when you are being vetted as a vendor.
  • Rigorous Standards: Completing a SOC 2 audit means that you have clearly articulated controls, formally defined standards, policies, practices, and procedures which are at the core of your company’s culture.
  • Dedication: Undergoing a SOC 2 audit demonstrates dedication to building a strong security posture. You stand out as a company committed to building trust and that gives you a competitive advantage.
  • Limited Exposure: SOC 2 audits show your customers that you will not jeopardize their data, alleviating their concerns and lowering your company’s overall risk profile.

When you pass SOC 2, you can prove to your prospects that you are better and it gives you a leg up.

When is a Good Time for SOC 2? 

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.

Ibexlabs’ Approach to Security

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.

How We Work

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:

  • Authentication: Multi-factor authentication is the cornerstone of cloud security, requiring two or more forms of identification. We work with you to ensure that this extra layer of security is beyond just a password..
  • Access Control: Role-based access control (RBAC) and Identity Access Management regulates access to resources based on the roles and responsibilities of individual users. It’s not always easy to identify users and their roles. We will work with you to ensure that roles are clearly defined..
  • User Behavior Analytics: UBA detects anomalous behavior and potential security threats through collection, analysis, and correlation of data from multiple sources, including network traffic, system logs, and user activity logs. We will work with you to build a profile of “normal” user behavior that helps detect deviations.
  • Logging and Reporting: Log and reporting data is stored in a centralized location in your control tower and we will work with you to ensure they are leveraged to identify security incidents and troubleshoot them.
  • Encryption: As the word implies, we make sure that sensitive data is encrypted – unreadable – without a decryption key, protecting it from unauthorized access whether that data is in transfer or is just sitting in the cloud.
  • Logical Segmentation: Segmentation involves the separation of your network into smaller, isolated segments to reduce the potential impact of a security breach. We will work with you to design and implement network segmentation strategies that keep certain types of data separated from other data, reducing the surface attack area.

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.

Our Mission 

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.