need for soc2 compliance for solution implementer

D_wathi
D_wathi used Ask the Experts™
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Dear Experts

We are solution implementer like crm application and even server hosting for those companies who require us to host and maintain servers. Recently few of clients are mentioning about soc2 compliance. Can you please help me understand with respect to solution implementation point of view what does soc2 compliance means and how does it help our business, thanks in advance.
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Exec Consultant
Distinguished Expert 2018
Commented:
Suggest you check out the SOC2 playbook which is useful to have a good sense of critical domain and outcome in compliance
Security -The foundational security principle, common to all audits.

Confidentiality - Protection from unauthorized disclosure of sensitive data
Availability - Protection that systems or data will be available as agreed or required
Integrity - Protection that systems or data are not changed in an unauthorized manner.
Privacy - The use, collection, retention, disclosure, and disposal of personal information is protected.

The SOC 2 reporting standard is defined by the AICPA (The American Institute of Certified Public Accountants).  All SOC 2 audits are signed by licensed CPAs . To achieve SOC 2 compliance, most companies spend anywhere from six months to a year on focused preparation. This includes identifying which systems are in scope for the audit, developing policies and procedures, and implementing now security controls to reduce risks.

When ready, an organization will hire a licensed CPA audit firm to conduct the audit. The actual process involves scoping, artifact document collection, and an on-site visit.
Type I reports are, as you might imagine, quicker to prepare for and conduct because you don’t have to wait for the controls to have been in place for a full six months. However, while Type II reports take more time, they are also that much more valuable in the hands of customers, prospects, board members, partners, insurance companies, and so on. They report on what you’re actually doing, rather than what you aspire to do.  Because of this added value, my general recommendation is to get started early and work directly toward the Type II report. This approach emphasizes immediate action taken toward improving your security, and because Type II also covers Type I, there are financial savings in the long term if you start with Type II from day one.
The Tools to do SOC 2 Compliance Right

1. Organization and Management
2. Communications
3. Risk Management
4. Monitoring of Controls
5. Logical and Physical Access Controls
6. System Operations
7. Change Management

Getting compliant without disrupting your team’s flow requires some advance planning. In our view, one of the best ways to make achieving compliance as painless as possible is to consciously choose tools and processes that facilitate compliance from the beginning.
https://www.blissfully.com/soc-2-playbook/

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Commented:
thank you very much.

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