SOC 2 is a framework that provides guidelines for developing and maintaining secure systems. The framework’s requirements are intended to help organizations manage risk in their IT infrastructure and provide assurance about the security of their products, processes, and services. In this blog post, we’ll discuss how to build customer trust in your SaaS through SOC 2 compliance.
What is SOC 2?
SOC2 is a set of standards that helps organizations build trust with their customers. It’s a way to describe the security and privacy controls in your company and how they’re implemented.
The AICPA created SOC 2 in order to help companies comply with regulations such as PCI-DSS, SOX, and HIPAA. SOC 2 for startups and large enterprises creates an easy way for businesses to comply with these standards while still providing value for their customers. The total SOC 2 certification cost can depend on a wide range of factors, including the auditor, the size of your organization, the scope of the audit, and more.
What is a SOC 2 Type 1 and Type 2 Report?
A SOC 2 Type 1 Report is an audit of the controls that are in place in a service organization. This report examines the management practices, policies, and procedures for establishing, maintaining, and exercising control over information security risk. The SaaS SOC 2 report also reviews the effectiveness of these controls by assessing their adequacy with respect to objectives stated in the organization’s Information Security Policy Statement (ISPS).
A SOC 2 Type 2 report attests that an organization has implemented appropriate measures for protecting sensitive data against loss or theft through internal processes. These processes can include:
- Encryption software on mobile devices or cloud storage facilities
- External physical access controls such as key management systems based on biometrics
- Secure network traffic monitoring
- Remote wiping capabilities
- Employee training programs that include awareness sessions on privacy issues associated with handling personal information within the scope of business operations etc.
In order to ensure that you are able to successfully complete the SOC 2 audit, it is recommended that you use a SaaS compliance checklist.
SOC 2 Trust Service Principles
Now, it’s time to take a look at the trust service principles of SOC 2 and how they can help you build trust with your customers.
Security
It’s no secret that SaaS companies are at risk for security breaches. The good news is that SOC security compliance is a common standard for many SaaS companies and it can help you create trust with customers by demonstrating that you are taking security seriously.
Availability
Availability is a key indicator of trust. In fact, it’s more than just a metric—it’s an expectation of your customers that you will be there when they need you. So, how do you ensure this?
- Have your service available 99.9% of the time (or higher). If not, notify them immediately and give them options for getting support.
- Provide some type of notification system so that frustrated users know when their next outage will occur so they can plan accordingly instead of waiting around hoping nothing bad happens again!
Processing Integrity
Processing integrity is a critical part of SOC 2 compliance. It’s the process by which you ensure that your data is protected and secure, even if a hacker gets into your system.
Data security is about making sure your company doesn’t lose sensitive information like credit card numbers or social security numbers when it’s breached. But processing integrity goes further than that—it ensures that even if someone were to temporarily steal or manipulate data in some way, they wouldn’t be able to use it for nefarious means (like selling it on eBay).
Processing integrity requires many different types of controls, such as data storage policies, employee training, encryption technology such as SSL certificates, encryption keys stored securely away from hackers’ reach, etc. All of these work together towards preventing unauthorized access in the first place.
Confidentiality
Confidentiality is the practice of keeping information private and secure. In short, it means that you don’t share data with anyone except authorized employees or contractors who need to know it in order to do their jobs.
SOC 2 helps companies meet their customers’ expectations for confidentiality by giving them the tools to keep customer data safe from prying eyes—both internal and external. By providing specific policies and procedures around how information should be used, shared, or disclosed (and when), SOC 2 ensures that your organization has a strong foundation on which it can build trust with its customers while protecting the confidentiality of their personal information.
You should provide training courses covering topics like cyber hygiene, privacy controls, and security awareness training for all staff members who handle sensitive data like credit card numbers or Social Security numbers.
Privacy
Privacy is an important aspect of a successful SaaS product, which requires careful consideration and planning.
Privacy refers to the protection of sensitive personal information such as credit card numbers and banking details from unauthorized access by third parties or employees who may use it for their own gain. It also covers how your company treats any personal data that it collects from users (e.g., email addresses). Having systems in place to protect the privacy of your customers is the key to gaining their trust.
Conclusion
When people feel confident in their interactions with businesses—and when they feel confident in the businesses themselves—they’re more likely to buy from them again. SOC 2 for SaaS is a set of standards that help you prove to your customers that your company is trustworthy. It can also help you build trust with customers, investors, and regulators. In order to be prepared for the audit, you can either create your own SOC 2 compliance checklist or use an online template.
