10 common myths surrounding SOC 2 compliance
Understand the common myths surrounding the SOC 2 framework to make informed decisions and develop a realistic understanding of the process and its implications.
Getting your business SOC 2 compliant can feel like trying to find your way through a maze, leaving you struggling to understand it all. Our blog is here to help, offering insights into SOC 2 and more. Come along as we break it all down and shine a light on this important process.
Unveiling SOC 2
Myth: SOC 2 is Only for Technology Companies
Fact: While SOC 2 is often associated with technology companies, it is applicable to any service organisation that stores and processes customer data. Service providers in various industries, including healthcare, finance, and manufacturing, can benefit from SOC 2 compliance.
Myth: SOC 2 is a One-Time Achievement
Fact: SOC 2 compliance is an ongoing process. It’s not a one-time achievement but a commitment to continuously meeting security and privacy standards. Regular audits and assessments are necessary to maintain compliance.
Myth: SOC 2 is Only About Technology Controls
Fact: SOC 2 encompasses more than just technology controls. It also includes organisational and procedural controls. This holistic approach ensures that both technical and non-technical aspects of security are considered.
Myth: SOC 2 is Only About IT Security
Fact: While IT security is a significant aspect, SOC 2 compliance also addresses the security of physical and environmental controls. This includes data centers, offices, and other facilities where sensitive information is handled.
Myth: SOC 2 Compliance Guarantees No Data Breaches
Fact: SOC 2 compliance reduces the risk of data breaches, but it does not provide a 100% guarantee. It’s a framework to manage and mitigate risks effectively. Security is an ongoing effort, and breaches can still occur despite compliance efforts.
Myth: SOC 2 Compliance is Too Expensive
Fact: While there are costs associated with achieving and maintaining SOC 2 compliance, the investment is often justified by the benefits. A data breach or non-compliance penalties can be far more costly in the long run.
Myth: SOC 2 is Only for Large Enterprises
Fact: SOC 2 compliance is relevant for businesses of all sizes. Small and medium-sized enterprises (SMEs) that handle sensitive data should also consider SOC 2 to demonstrate their commitment to security and privacy.
Myth: SOC 2 is Only About Documenting Processes
Fact: Documentation is crucial, but SOC 2 compliance is not just a paperwork exercise. It requires the effective implementation of security measures, monitoring, and continuous improvement of processes.
Myth: SOC 2 Compliance is a Quick Process
Fact: Achieving SOC 2 compliance takes time. The process involves thorough assessments, remediation of issues, and a commitment to meeting the required standards. Rushing through it can compromise the effectiveness of controls.
Myth: SOC 2 Compliance is Only for IT Professionals
Fact: While IT professionals play a significant role, SOC 2 compliance is a collaborative effort involving personnel from various departments. Everyone in the organisation, from HR to management, plays a part in maintaining a secure environment.
Conclusion
Conclusion
Understanding these myths is essential for businesses seeking SOC 2 compliance to make informed decisions and develop a realistic understanding of the process and its implications.
Cognisys and Vanta have partnered to offer our clients unparalleled value. With our expertise in cyber security and compliance combined with Vanta’s industry-leading technology, we can help you achieve SOC 2. Contact us to get started.
