What is SOC Attestation ?

What is SOC Attestation?

Have you heard about hacking of MeetMindful, the dating app? Well, in 2021, the website faced a cyber security attack and resulted in theft of over 2 million users’ data. It was alarming for all because hackers managed to steal sensitive information of users and Facebook Account Tokens.

You might wonder what you can prevent such attacks. This is the time where SOC attestation comes into action. Here we are going to have deep information about SOC attestation and its role.

What is SOC Attestation?

SOC attestation is third party assessment to develop first Trust Service Criteria—Availability, Security, Privacy, Processing Integrity and Confidentiality. When the test is performed, the report shows the power of SOC attestation. It gives either the clean report or adverse one with valuable suggestions.

Why is SOC Attestation Necessary?

SOC Attestation confirms the security of your website or company and its data. Third party CPA firm conducts a reputable independent audit for verbal affirmation. It confirms to your customers that data collected or transit is in the safe and secure hands.

Types of SOC Attestation Reports

There are two primary categories of SOC Attestation, Type 1 and Type 2.

  • Type 1 Compliance

Type 1 Attestation organizes compliant system and processes it in specific time. Moreover, it provides controls and suitability for addressing it. The Type 1 compliance serves as a first step to company’s security standards.

  • Type 2 Compliance

SOC Type 2 compliance involves attesting in a defined period of 12 months. It evaluates durability and effectiveness of controls set by the organization. Both type 1 and type 2 are necessary to demonstrate data security and industry standards of any company.

Requirements of SOC Attestation

The specific set criteria is carefully assessed to ensure the highest standards through SOC attestation. The set criterion is neatly organized into five categories.

  1. Security
  2. Confidentiality
  • Availability
  1. Privacy
  2. Processing Integrity

So, all companies go through SOC attestation keeping these five trust services criteria intact.

Cost of SOC Attestation

Typically, the cost of SOC attestation varies from company to company but it ranges $7000 to $50,000. The security level may vary the price ranges.

The size of the organization matters a lot. The more complex system and controls you require can increase the cost. The level of audit readiness also factors. If the company has already prepared for assessment, it can positively reduce the cost.

The Shortest Path to SOC Attestation

SOC attestation is not just a security control but it is more than that. It tells customers how committed and trustworthy you are to the business. SOC attestation is offered by many companies with no manual works and potential errors. These companies automatically update policies and compliance evidences.

Value of SOC Attestation Report

SOC Attestation ensures that the data of customers is safe. In many cases, it is necessary to provide privacy compliance and security in SOC Report for better sales. SOC attestation is the vital role player for every website or company to make its data safe online.

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