What is a SOC 2 Type 2 Report?
Like SOC 2 Type 1, a SOC 2 Type 2 report looks at the five trust principles of data processing and storage– availability, confidentiality, security, privacy, and processing integrity. However, a Type 2 report provides a higher level of trust and assurance.
Type 2 vs. Type 1
A Type 2 report verifies the existence of internal controls which have been designed and implemented to meet the requirements for the five trust principles and attests to these controls over a period of at least 6 months.
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 Will Benefit?
Managed Service Providers, Financial Institutions, and the Healthcare Industry are starting to be required by their customers and vendors to become SOC certified, as they want to ensure their sensitive data is being handled properly.
Complying with a Type 2 report can require a significant investment, however, MeredithCPAs provides a rapid and affordable process that will help distinguish your organization from its competitors. Contact us today to find out how!