Why Cybersecurity Pros Are Essential for SOC 2 Audits

Service Organization Control (SOC) audits are a big deal in the business world. They show a company’s dedication to cybersecurity, risk management, and data protection. SOC 2 audits, in particular, are highly regarded as they demonstrate an organization’s commitment to keeping user data safe. Conducted by certified SOC auditors, these audits thoroughly examine an organization’s capabilities in security, privacy, and confidentiality. However, the licensing and authorization structure of SOC auditing can make it tough to understand an auditor’s true capabilities. Let’s bust the myth of quick SOC 2 audits and highlight the importance of teaming up with experienced security firms for top-notch cybersecurity practices.

Understanding SOC 2 Audits

SOC 2 audits are conducted by authorized organizations to ensure that a company follows compliance requirements. Although SOC 2 is not a mandatory compliance framework for any specific industry, it’s a significant badge of honor. It shows an organization’s commitment to serious cybersecurity, governance, and risk management goals.

SOC 2 covers five Trust Service Criteria, which address various aspects of security goals:

Security: Checks to ensure that IT systems are protected against unauthorized access and that data is safe from unauthorized disclosure.
Availability: Shows that information in IT systems is readily available for business processes aligned with organizational goals.
Processing Integrity: Ensures that system data processing is complete, valid, accurate, timely, and authorized to meet business or technical objectives.
Confidentiality: Demonstrates that an organization can maintain the confidentiality of user data from collection to removal.
Privacy: Ensures that personal information remains private throughout its journey through technical and business lifecycles.

A SOC 2 audit assesses at least one, if not more, of these Trust Criteria. All SOC 2 audits include a Security assessment at a minimum. The audit process is comprehensive and can involve several stages:

Readiness and Evidence Collection: The auditing body gathers information about the organization, its technical systems, and data infrastructure.
On-site Fieldwork: Audits typically include on-site assessments and tests. Despite the challenges posed by COVID-19, this stage remains crucial and can take days or weeks, depending on the audit’s depth and the size of the systems.
Reporting and Certification: These follow only after the assessments are completed to the auditor’s satisfaction and any suggested remediation of security gaps or non-compliant systems are addressed.

SOC 2 also requires re-certification every 12 months, meaning the process must be repeated annually. Audits are not simple processes, and for good reason: they guarantee that any organization bearing the SOC seal of certification meets their requirements.

Who is Authorized to Conduct SOC 2 Audits?

Interestingly, SOC 2 was originally conceived by the American Institute of CPAs (AICPA), a professional organization for financial professionals. The AICPA requires that SOC 2 audits be conducted by certified and licensed CPA firms. However, this presents some challenges, as CPA licensing does not include extensive or continuing education on topics like cybersecurity, risk management, or proactive prevention.

Since the primary requirement for auditing is a CPA license, it is relatively easy for smaller companies to advertise rapid SOC 2 audits that take only a fraction of the time they should. The truth is that a worthwhile SOC 2 audit cannot be completed in just two weeks unless the auditor is merely checking boxes and generating reports. Preparatory work for an audit can take months, with an average of 3-9 months for a complete first-time audit, depending on the assessment’s depth and the Trust Service Criteria evaluated.

Many businesses seek SOC 2 certification because they are not fully familiar with all facets of cybersecurity. New threats emerge daily, and complex cloud, hybrid, and on-premise systems make managing user data a challenging proposition. Qualified auditors spend significant time gathering data, performing critical on-site and penetration tests, and providing consulting and remediation support because security is a major undertaking. This commitment does not stop after the initial assessment; it is essential to view SOC 2 as a long-term commitment, ideally with an equally committed auditor who can help better understand the best security, governance, and risk practices for the organization.

Why Hire a Dedicated Security Firm for SOC 2 Audits?

This is not to say that every CPA offering auditing services is unqualified. Instead, it is crucial to emphasize that cybersecurity and compliance are holistic approaches to a much larger problem than just checking boxes off a list. It is a commitment that an organization will make for the lifetime of its business.

It is often worthwhile to invert the selection process. There are CPAs who offer technical assessments and SOC 2 audits, and there are dedicated security firms that have also received their CPA license specifically to perform those audits. Hiring a dedicated security firm offers several immediate benefits, including:

Deep Security Expertise: Security firms focus on cybersecurity first. They know and have worked with the challenges that modern IT faces, provide solutions to those problems, conduct research to stay ahead, and hire experts whose jobs are to face these challenges.
Compliance Knowledge: Many security firms provide comprehensive compliance knowledge, ensuring that organizations meet all necessary regulatory requirements.

For more information on SOC 2 audits, you can visit the AICPA website.