What is a SOC 2 Type 1 Report?
A SOC 2 Type 1 report can be used to meet the needs of clients of service organizations that need information and assurance about the controls that impact the security, availability, and processing integrity of the systems the service organization uses to process users’ data, and the confidentiality and privacy of the information processed by these systems.
SOC 2 Type 1 vs. Type 2
A Type 1 report details the suitability of the design controls to the service organization’s system at a specific point in time. Businesses pursuing a SOC 2 audit will normally get a Type 1 report for their first time, and then move on to a Type 2 for their following audit period. This will allow them to become familiar with the process and focus more on learning the description of their systems the first time around.
Benefits of a SOC 2 Report
- Full understanding of organization`s control framework and if there are any gaps
- Receive advice to steer operations away from risks
- Competitive advantage during sales process
- Learn how to maximize security and efficiency of services provided
- Reduce likelihood of future audits
Which Organizations Benefit from a SOC 2 Report?
Many businesses will only work with other businesses that can prove they manage and store sensitive data well. Managed Service Providers, Healthcare Providers and Financial Institutions will benefit from a SOC 2 report as this will provide assurance to their clients and vendors regarding their data.
With such an aggressively growing field of service providers, a SOC 2 audit could be what pushes you ahead of the competition in the decision-making process for clients and vendors. Contact us today to discuss which SOC 2 report is right for your organization.