Understanding the SOC 2 Process

Does the thought of getting SOC 2 certified worry you every step of the way as you develop your SaaS product? Have you been tearing your hair out trying to understand all the policies and controls involved in the SOC 2 process?

Well, we are here to help you! In this blog, we’ll discuss three key components of the SOC 2 process: readiness assessment, policy and control design, and external audit.

What is a Readiness Assessment?

A SOC 2 readiness assessment (also known as a gap assessment) helps you assess where you stand concerning being compliant and, therefore, estimate how much work you’ll need to complete to pass your SOC 2 certification process. This assessment examines your current policies and controls and identifies those that need to be upgraded or implemented more effectively. Gap assessments are a wonderful way to start the compliance process because they allow you to better plan the compliance project and to address issues before your auditor – or your biggest customer- grills you on your shortcomings.

The best time to undergo a readiness assessment is at the very beginning of the SOC 2 compliance process. The next best time… is NOW.

So, why should you undergo a SOC2 readiness assessment?

To identify control gaps that pose a high risk of failure
To properly scope the compliance work to be done
To formulate a plan to fix any gaps before the audit begins

12 Most Important SOC 2 Policies to Establish Before Undergoing Your Audit

Which SOC 2 policies do you need? The 12 SOC 2 policies outlined here are the most crucial ones to establish before starting your SOC 2 audit process. Each policy supports your organisation’s ability to pass the SOC 2 certification process and strengthens your overall security posture. Implementing these policies will streamline your journey through the SOC audit process.

Compliance automation platforms like Akitra’s Andromeda Compliance provide a broader library of SOC 2 policies, tailored to your organisation’s specific needs. Here’s a quick look at the key policies every organisation should establish:

Information Security Policy – The foundation of your SOC 2 compliance, covering how you protect and manage sensitive information.
Access Control Policy – Defines who has access to your systems and data, helping meet the SOC 2 Type 2 assessment criteria.
Password Policy – Ensures password complexity and update frequency to reduce risk.
Change Management Policy – Establishes rules for managing changes in systems or code securely and consistently.
Risk Assessment and Mitigation Policy – Supports regular risk analysis, a critical part of the SOC 2 audit process.
Incident Response Policy – Details how your team will respond to security incidents.
Logging and Monitoring Policy – Outlines how logs are captured, monitored, and reviewed to detect anomalies.
Vendor Management Policy – Addresses how you evaluate and monitor third-party vendors’ security.
Data Classification Policy – Establishes how your organisation categorises and handles various types of data.
Acceptable Use Policy – Defines how employees may use corporate resources and systems.
Information, Software and System Backup – Ensures regular backups and secure storage practices.
Business Continuity and Disaster Recovery – Details how your organisation will continue operations and recover in the event of a disruption.

The SOC 2 Audit

A SOC 2 audit process must be certified by a CPA who acts as an independent auditor. Internal auditors provide a useful check, but cannot issue a certification. Once the company is fully ready, the auditor begins the audit. The following are the main steps.

Step 1: Policy and Control Review:

Every firm seeking SOC 2 certification must have a comprehensive set of compliance policies – see more details on this in the next section. These policies define the control mechanisms that a company follows in order to meet the compliance criteria required by the SOC 2 framework. The auditor will ensure that the policies and controls are appropriate for the organisation.

Step 2: Evidence Review and Testing:

The auditor reviews all of the controls and performs a sampling of the evidence that proves that the controls are actually being followed. This review entails testing the controls and evidence, which can be done remotely, onsite, or a combination of both. During the COVID-19 pandemic, remote SOC audits became the norm.

In addition to the control-specific evidence, firms must also provide a narrative description of their organisation structure, system architecture, service offerings, and a general overview of their security processes, among other elements. This, too, will be reviewed by the auditor.

During this phase, the auditor may request that additional evidence be provided and may even identify gaps that need to be resolved before the audit can be completed.

Step 3: Draft Report:

When all of your controls and evidence have been reviewed and tested to confirm that nothing is amiss, the auditor writes your draft report. You will have the option to provide feedback and corrections once you receive the draft report. Return the draft together with a signed copy of the management attestation letter stating that the report fairly reflects the compliance status of the company.

Step 4: Making the Final Report:

Your auditor will respond to any comments you made in the draft and add their own attestation, after which the report will be finished. With the submission of the final report, your SOC 2 audit process comes to a close. Your firm is now SOC 2 certified, with an audit report to prove it.

Note: Because the information contained in a SOC 2 report is sensitive, it is often recommended that outside parties (customers or business partners) sign a non-disclosure agreement (NDA) before viewing it. A SOC 3 report, which is based on the SOC 2 report but eliminates any sensitive material, can also be generated. As a result, SOC 3 reports are occasionally placed on publicly accessible websites and given widely to anyone who is interested.

Security, AI Risk Management, and Compliance with Akitra!

In the competitive landscape of SaaS businesses, trust is paramount amidst data breaches and privacy concerns. Akitra addresses this need with its leading AI-powered Compliance Automation platform. Our platform empowers customers to prevent sensitive data disclosure and mitigate risks, meeting the expectations of customers and partners in the rapidly evolving landscape of data security and compliance. Through automated evidence collection and continuous monitoring, paired with customizable policies, Akitra ensures organizations are compliance-ready for various frameworks such as SOC 1, SOC 2, HIPAA, GDPR, PCI DSS, ISO 27001, ISO 27701, ISO 27017, ISO 27018, ISO 9001, ISO 13485, ISO 42001, NIST 800-53, NIST 800-171, NIST AI RMF, FedRAMP, CCPA, CMMC, SOX ITGC, and more such as CIS AWS Foundations Benchmark, Australian ISM and Essential Eight etc. In addition, companies can use Akitra’s Risk Management product for overall risk management using quantitative methodologies such as Factorial Analysis of Information Risks (FAIR) and qualitative methods, including NIST-based for your company, Vulnerability Assessment and Pen Testing services, Third Party Vendor Risk Management, Trust Center, and AI-based Automated Questionnaire Response product to streamline and expedite security questionnaire response processes, delivering huge cost savings. Our compliance and security experts provide customized guidance to navigate the end-to-end compliance process confidently. Last but not least, we have also developed a resource hub called Akitra Academy, which offers easy-to-learn short video courses on security, compliance, and related topics of immense significance for today’s fast-growing companies.

Our solution offers substantial time and cost savings, including discounted audit fees, enabling fast and cost-effective compliance certification. Customers achieve continuous compliance as they grow, becoming certified under multiple frameworks through a single automation platform.

Build customer trust. Choose Akitra TODAY!‍ To book your FREE DEMO, contact us right here.