Blog
7 myths about SOC 2 compliance
Understand what your company needs to achieve SOC 2 compliance and keep your customer data protected
Katrina Dalao
Sr. Content Marketing Specialist, CIPM, CIPP/E
February 27, 2024
While an increasing number of companies are seeing the need for SOC 2 compliance, there’s still a lot of confusion about the process. Do all companies need to be SOC 2 compliant? What type of information will the report include?
This article aims to clear the confusion and debunk the biggest myths about the SOC 2 compliance process.
1. SOC 2 is a certification
Of all the SOC 2 myths out there, this is one of the most prevalent.
SOC 2 is not a certification, but a report on a company’s compliance efforts.
Once a SOC 2 audit is complete, the auditor will issue the company a report with an analysis of whether its operations are SOC 2 compliant.
Since an auditor can only determine a company’s compliance over the audit assessment period, it’s recommended to get your SOC 2 audit on an annual basis.
Compliance is assessed according to the following five Trust Services Criteria (TSC): security, availability, processing integrity, confidentiality, and privacy. Of the five criteria, however, security is the only required TSC to meet SOC 2 compliance.
2. Auditors want to find issues
It’s a popular opinion that auditors are only looking for issues within your company.
However, while audits by nature examine every operational detail, companies and auditors want the same thing — to ensure the security of customer data. A secure company benefits everyone, and most auditors want companies to pass their audit.
That said, you shouldn’t hire any auditor without a thorough vetting process. You will work extensively with this individual and trust them with important company details. Select an auditor who aligns with your work ethic and understands your specific needs.
3. SOC 2 is not worth the cost
Today’s clients are increasingly invested in a company’s data privacy and protection measures. Before even considering a purchase, it’s common for clients to request a SOC 2 report as evidence of security compliance.
Aside from facilitating client sales, SOC 2 compliance serves as a competitive advantage and builds trust in your company’s reputation.
While it can be difficult to quantify the exact value of SOC 2 compliance, an annual report demonstrates your company’s effort to protect personal data and can effectively bring in new business.
4. SOC 2 is a checklist of required controls
Rather than a checklist of defined controls, SOC 2 audits are based on general objectives or criteria that gives companies more flexibility in how they choose to achieve compliance.
For instance, a company’s customer support training can meet both the availability and confidentiality criteria.
An auditor’s control list depends on the specific company and the controls they put in place to meet their determined objectives.
5. SOC 2 only covers technical processes
While many SOC 2 criteria fall under technical and software-related processes, they are not the only areas covered by the audit.
SOC 2 also encompasses COSO, a framework that includes the following components:
- Control environment
- Risk assessment
- Information and communication
- Existing control activities
- Monitoring activities
SOC 2 is a comprehensive examination that looks at a company’s overall infrastructure to determine a complete and trusted governance structure.
6. Companies can use their service provider’s SOC 2 report
All companies need to go through their own audit to get a SOC 2 report. Even if their software applications are hosted by another company that’s SOC 2 compliant, such as AWS or Microsoft Azure, every company is responsible for their own compliance.
The shared responsibility model recognizes that different companies implement their own set of controls and will therefore need to secure their own SOC 2 report.
7. A SOC 2 report can be done in a few weeks
A company can only begin a SOC 2 audit after its controls have been implemented for at least a few weeks. Furthermore, an auditor can take several months to review all systems and create a report.
While the total audit duration depends on several factors, it’s unlikely a SOC 2 report will be ready in less than a month.
It takes time to build a reliable security program, as well as document the entire company’s procedures and policies needed for SOC 2 compliance.
Learn more about achieving SOC 2 compliance in our Ultimate survival guide to SOC 2 compliance, where we break down the exact steps to reduce your level of effort, shorten your timelines, and focus on what really matters.
You may also like
Webinar
Technology Risk & Compliance
Understanding the NIS 2 Directive: Compliance insights and best practices
This DataGuidance webinar explores the latest and expected developments in the implementation of the NIS 2 Directive, focusing on practical compliance strategies to ensure your organization is prepared.
December 04, 2024
Webinar
Technology Risk & Compliance
Elevating client compliance with OneTrust Automation: Key strategies for partners
Discover how to use OneTrust Compliance Automation to establish client baselines, improve efficiency, and drive scalability. Learn key strategies to enhance your compliance impact.
November 21, 2024
Webinar
Technology Risk & Compliance
Tech risk and compliance masterclass: An evidence-based approach to building by-design risk and compliance practices
Discover strategies to embed compliance and risk management into business processes with minimal disruption, using technology-driven solutions for efficiency, scalability, and improvement.
November 06, 2024
Webinar
Technology Risk & Compliance
Building a strong security posture: Managing compliance, risk, and business engagement in a dynamic landscape
Join our webinar to learn how to optimize security posture, streamline compliance, and leverage automation to manage IT risk in today's complex digital landscape. Register now!
October 29, 2024
Webinar
Privacy Automation
Build resiliency and operationalize compliance with OneTrust: Fall product release recap, 2024
Join our upcoming product release webinar to explore how these new capabilities can help your organization navigate complex frameworks, streamline third-party management, and accelerate AI and data innovation.
October 22, 2024
Webinar
Technology Risk & Compliance
Compliance Automation product demonstration
Join our live demonstration and see how Compliance Automaiton can help boost compliance efficiency with automated workflows, shared evidence, and 40+ frameworks.
October 02, 2024
Webinar
Technology Risk & Compliance
Tech risk & compliance masterclass: The anatomy of a framework
Master the fundamentals of constructing robust compliance frameworks that can seamlessly integrate with organizational operations while aligning with regulatory and strategic mandates to deliver measurable insights on your progress and gaps.
August 14, 2024
Webinar
Technology Risk & Compliance
Tech risk and compliance masterclass
Unlock tech risk management & compliance excellence. Master risk management, build robust frameworks, and foster cross-functional collaboration for long-term resilience.
August 07, 2024
Webinar
Technology Risk & Compliance
Introducing OneTrust Compliance Automation
Join us as we explore OneTrust Compliance Automation, a holistic and fully integrated solution that streamlines and optimizes workflows, compliance, and attestation.
July 25, 2024
Webinar
Data Discovery & Classification
Catch it live: See the all-new features in OneTrust's Spring Release and Post-TrustWeek recap
Join us as Ryan Karlin, Senior Director of Product Marketing highlights important updates from TrustWeek including an inside look into OneTrust's new platform features that make it easier for customers to activate data responsibly, surface and mitigate risk, and navigate the complex regulatory environment.
June 06, 2024
Report
AI Governance
GRC strategies for effective AI Governance: OCEG research report
Download the full OCEG research report for a snapshot of what organizations are doing to govern their AI efforts, assess and manage risks, and ensure compliance with external and internal requirements.
May 22, 2024
Infographic
Third-Party Risk
Streamline compliance with the Digital Operational Resilience Act (DORA)
Download our infographic to learn about the new DORA regulation, who needs to comply, and how OneTrust can help streamline the process.
April 29, 2024
Webinar
Ethics Program Management
EthicsConnect: Risk - It’s not just for breakfast anymore
Join us for a deep dive into embedding privacy by design into the fabric of your business to promote the responsible use of data.
April 25, 2024
Infographic
Technology Risk & Compliance
Rethinking risk assessments: Bridging the gap between best practices and action
Download our infographic to learn the main challenges faced during risk assessments, proven frameworks for assessing risks, and how to translate guidance into action.
March 07, 2024
Webinar
Technology Risk & Compliance
PCI DSS Compliance: How to scope and streamline monitoring with Certification Automation
Join our PCI DSS webinar where we discuss how Certification Automation can help free up valuable InfoSec resources, streamline audits, and stay continuously compliant.
March 05, 2024
eBook
Ethics Program Management
Business messaging apps: A guide to corporate compliance
How can your business use third-party messaging apps while staying compliant? Dive into key usage considerations based on the DOJ’s 2023 guidance.
February 13, 2024
Webinar
Technology Risk & Compliance
5 automation trends to modernize InfoSec compliance
Join our webinar for insights on transforming InfoSec program management. Navigate the complexities of modern security with a flexible, scalable, and cost-effective approach.
February 07, 2024
Infographic
Third-Party Risk
4 top-of-mind challenges for CISOs
What key challenges do CISOs face going into the new year? Download this infographic to hear what experts from industries across the board have to say.
January 30, 2024
eBook
Technology Risk & Compliance
NIST CSF 2.0: Changes, impacts and opportunities for your Infosec program
Get your free guide to the NIST Cybersecurity Framework 2.0 and learn how its proposed changes will impact your InfoSec programs.
December 18, 2023
Resource Kit
Technology Risk & Compliance
NIST CSF essentials: Empowering cybersecurity excellence
Download our NIST CSF Essentials resource kit and master cybersecurity compliance with expert insights, strategies, and real-world case studies.
December 15, 2023
Webinar
Technology Risk & Compliance
Demonstrating GDPR compliance with Europrivacy criteria: The European Data Protection Seal
Join our webinar to learn more about the European Data Protection Seal and to find out what the key advantages of getting certified.
November 30, 2023
Checklist
Technology Risk & Compliance
SOC 2 checklist: 8 steps to achieve compliance
This SOC 2 checklist provides clear action steps that enable you to mature your security program and fast-track your way to compliance.
November 28, 2023
Data Sheet
Technology Risk & Compliance
Integrations to automate your framework compliance: ISO 27001, SOC 2, and NIST CSF
Explore how OneTrust integrations can help you automate compliance with today’s most popular InfoSec frameworks.
November 28, 2023
Webinar
Ethics Program Management
Ethics Exchange: Risk assessments
Join our risk assessments experts as we discuss best practices, program templates, and how provide an assessment that provides the best value for your organization.
October 25, 2023
Infographic
Technology Risk & Compliance
Understanding Europe's Top InfoSec and Cybersec Frameworks
Learn the ins and outs of Europe’s top InfoSec and cybersec frameworks, including ISO 27001, UK Cyber Essentials, the NIS2 Directive, DORA, and more.
October 05, 2023
Infographic
Technology Risk & Compliance
5 key areas for improved automation in InfoSec compliance
Streamline and scale your organization’s InfoSec compliance program by focusing on these five key areas of automation.
October 02, 2023
eBook
Technology Risk & Compliance
Prioritizing the right InfoSec frameworks for your organization
In this free eBook, we explore the basics of three top InfoSec frameworks and how to decide which is the best fit for your organization.
September 27, 2023
Webinar
Third-Party Risk
Live Demo EMEA: How OneTrust can help advance your third-party risk management program
Join us for a live demo of OneTrust's third-party risk management solution and see how it can help automate and streamline your TPRM program.
September 19, 2023
eBook
Privacy Management
Responsible data use: Navigating privacy in the information lifecycle eBook
Download this eBook and get the insights you need to safeguard customer privacy and ensure responsible data use in the information lifecycle.
August 22, 2023
Webinar
Technology Risk & Compliance
How to successfully implement ISO 27001 to demonstrate security and assurance across any jurisdiction
Join our live webinar and hear from security professionals on how to get ISO 27001 certified, streamline audit preparation, and demonstrate security assurance across any regulatory jurisdiction.
June 28, 2023
eBook
Third-Party Risk
InfoSec's guide to third-party risk management: Key considerations and best practices
Download our eBook to learn practical advice on how to approach third-party risk management like an InfoSec expert.
June 05, 2023
Webinar
GRC & Security Assurance
Combating InfoSec compliance fatigue: Insights for navigating growingly complex requirements
In this webinar, you will hear first-hand from information security experts experts what are the key pain-points and their strategies to be audit ready.
February 27, 2023
Webinar
Technology Risk & Compliance
Introducing OneTrust Certification Automation: Build, scale, and automate your InfoSec compliance program webinar
In this webinar, learn how to right-size your compliance scope for different frameworks across various business dimensions and enable an agile audit process.
February 15, 2023
Webinar
GRC & Security Assurance
Introducing OneTrust Certification Automation: Reinforce privacy accountability with automated InfoSec compliance
Learn how to enable an agile audit process by breaking down complex InfoSec requirements into actionable tasks to help automate your compliance program.
February 10, 2023
eBook
Technology Risk & Compliance
The future of information security
Learn how to respond to the security landscape and build a proactive InfoSec program to help your customers and business.
October 10, 2022
eBook
Technology Risk & Compliance
The art of the enterprise IT risk assessment
Ensure your enterprise IT risk assessment is a success with a top-down approach that gets executive buy-in from the start
September 16, 2022
eBook
Technology Risk & Compliance
The enterprise DevSecOps playbook
As a unified business function, DevSecOps combines rapid software development with top-notch security at scale.
September 02, 2022
Webinar
GRC & Security Assurance
How to reinforce your InfoSec risk program in a “Not If, But When” incident environment webinar
Learn how scaling your approach to managing IT assets & risk assessments can deliver a complete picture to better measure and inform program investments.
August 16, 2022
Webinar
GRC & Security Assurance
5 critical mistakes to avoid when answering security questionnaires
Avoid these 5 critical mistakes when answering security questionnaires and streamline responses with this webinar.
March 01, 2022
Webinar
GRC & Security Assurance
How successful security teams manage risk to build Trust and drive Growth
Watch this webinar to learn what makes a successful risk management program and how effective security teams build trust.
January 12, 2022
Webinar
Privacy Management
Build an incident management playbook
Prepare for privacy and security incidents by building an incident management playbook.