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SOC 2 AUDIT TIPS FOR SMALL BUSINESSES

Published March 24, 2022 • By Reciprocity • Blog
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Regardless of the size of your business, data security should be of utmost
importance. Not only does it safeguard your customers’ private information, but
it also shows your company’s ability to handle sensitive data with professional
care. As a small business, adhering to industry standards for cybersecurity will
give you a competitive edge and instill confidence in your company.

To demonstrate data security, all organizations large and small should seek SOC
2 compliance to ensure cybersecurity and safe storage of customers’ personal
information.

Compliance with SOC 2 is voluntary. However, many enterprises will not do
business with services providers that have not attained the SOC 2 attestation of
compliance from an independent CPA or CPA firm.

But maybe you’re not a big enterprise-yet. What if you’re a startup and you’re
not sure where to begin?

For companies of all sizes, SOC 2 security measures are also a form of
insurance: a single data breach can cost upwards of $3 million, which can be
crippling for smaller organizations. By investing in data security now, your
company will safeguard itself against data breaches that could compromise your
clients’ information.

If your company is in the beginning phases of SOC 2 compliance, it may seem like
a long road ahead to prepare for your audit. While it’s a lengthy process, these
tips should help ease the burden of confusion and help you identify gaps in your
current cybersecurity system.


HOW SHOULD A BUSINESS PREPARE FOR A SOC 2 AUDIT?

All businesses preparing for a SOC audit should methodically plan their
approach-a failed audit can be more harmful than if you never sought compliance
in the first place.

Small business owners should look at types of internal controls that satisfy
risk management objectives. For guidance, reference internal controls developed
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

COSO’s controls have several components including governance and culture,
strategy and objective setting, performance, review and revision, and ongoing
monitoring of activities. By using the internal control framework, you’ll be
protecting your business from the risks that can compromise your information
technology.

Along with assessing your security controls, there are several steps that will
help your business prepare and carry out its SOC 2 audit.

First, assemble a team within your company to prepare for the audit. The team
could include your organization’s Chief Technology Officer (CTO), Chief
Information Officer (CIO), and Chief Security Officer (CSO)-or an equivalent
position, responsibility-wise.

Consider which of the trust service principles apply to your organization, and
determine whether there are any gaps within your current system. Get organized
and collect evidence to support the five trust categories detailed below.

Before bringing in the auditor, self-assess your documentation and ensure your
organization is ready-it’s far better to delay your audit then to rush into it
and fail. Monitor your company’s compliance by setting up security alerts, and
when ready, schedule an audit with a Certified Public Accountant; the AICPA
stipulates that only CPAs are qualified to perform a SOC 2 audit.


WHAT DOES A SOC 2 AUDIT INCLUDE?

The SOC 2 audit process is about proving your organization’s ability to protect
confidential information and customer data. The criteria for assessing this
ability is outlined in these five Trust Service Categories:

 1. Security
 2. Availability
 3. Confidentiality
 4. Processing Integrity
 5. Privacy


WHAT IS A SOC 2 REPORT?

System and Organization Control (SOC) reports, which must be reviewed and
approved by an external auditor, help document internal controls that are
relevant to a company’s financial reporting.

The SOC report focuses on controls surrounding the five trust service principles
outlined above including information security, availability, processing
integrity, confidentiality, and privacy.

There are two types of reports: Type 1 and Type 2. A Type 1 report focuses on
the description of a service organization’s system, related control objectives,
and the suitability of controls to achieve those objectives as of a specified
date.

The key difference between the two types is the period of time each covers. Type
1 is often an organization’s first-ever SOC 2 report, and it looks at internal
controls governing data security and privacy at the time of the audit. A Type 2
report discusses the effectiveness of your organization’s information security
and privacy controls since your last SOC audit, which typically means one year.

Read more in-depth about SOC reports


HOW CAN SMALL BUSINESSES SAVE MONEY ON SOC 2 AUDITS?

Small businesses looking to save money on SOC 2 audits can seek guidance from
the Small Business Administration. The SBA partners with AICPA, and can offer
legal compliance tips and cyber-hygiene guidance for companies preparing to
undergo an audit.

While it may not be SOC 2-specific, the tips may help your company identify
existing gaps in data security so you’re not caught off guard when your auditor
comes.

Although not mandated, becoming SOC 2 compliant is highly recommended by
industry professionals. It’s also a stamp of approval that your cybersecurity
system is intact, and shows your business will not only protect its customers’
private information, but it will also safeguard against costly data breaches
that could be devastating for a company.

Need help preparing for your SOC 2 audit? Reciprocity ZenComply can help.

ZenComply, a compliance and audit management solution, delivers a faster, easier
and smarter path to compliance, eliminating tedious manual processes,
accelerating onboarding and keeping you up-to-date on the progress and
effectiveness of your programs.

With seamless integrations with Reciprocity ZenRisk and the Reciprocity ROAR
platform, you gain a unified, real-time view of risk and compliance providing
the contextual insight needed to make smart, strategic decisions that keep your
organization secure and earn the trust of your customers, partners and
employees.

Schedule a demo to learn more!


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(877) 440-7971

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