Enhancing Trust Through SOC 2 Audit- by ispectra technologies

As the level and frequency of threats increase, security compliance has become essential in technology firms. This pressure has been compounded by enhanced competition and customers’ rising demand on products. Moreover, the exercise of enhanced sets of regulations ensures that security compliance can be considered as a vital performance indicator of these companies.

2. Enhancing Trust Through SOC 2 Audit
As the level and frequency of threats increase, security compliance has become essential in technology
firms. This pressure has been compounded by enhanced competition and customers’ rising demand on
products. Moreover, the exercise of enhanced sets of regulations ensures that security compliance can
be considered as a vital performance indicator of these companies.
The SOC 2, specifically, has emerged as popular in the recent past and has turned out as a benchmark
in the SaaS industry. According to the AICPA’s Major Organization Survey of over 400 organizations
conducted in 2023, it revealed an almost 50% increased demand for SOC 2 report due to increased
understanding of the role of IT security.
Here, in this blog, we will discuss on why SOC 2 has become more than just a security asset and is a
vital tool for better market positioning, customer trust, and growth perspective.
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3. Enhancing Trust Through SOC 2 Audit
What is SOC 2 Compliance?
The Service Organization Control 2 (SOC 2) is a program that started in 2010 to describe criteria for
managing customer data based on five “trust service principles.” While SOC 2 is not mandatory,
organizations adhere to its guidelines to show relevant stakeholders, including customers, regulators,
and other partners for maintaining the security and confidentiality of customer data.
Why is SOC 2 Compliance Essential?
The SOC 2 program shifts the auditing responsibility to the system owners or to the vendors. Vendors
have mandatory annual security assessments performed by third-party organizations, during which
vendors get insights on how their systems work and safeguard the information.
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4. Enhancing Trust Through SOC 2 Audit
Nowadays, considering the complexity and increasing requirements of any vendor
management program, having a SOC 2 report is a must as it:
Creates more efficiency in the sales pipeline: SOC 2 report can be shared with the clients
and prospects who need third party access of security controls.
Opens new market opportunities and revenue: Any big company would only invest in
software that offers SOC 2 reports.
Streamlines third-party risk assessments: It can be useful to share the report with the
clients to consider it as preliminary security assessment.
Defines a standardized framework: SOC 2 draws upon well-established frameworks for
security controls and establishes trust.
Offers evidence to protect sensitive data: The report defined the state and procedures for
security and the level of the controls implemented by the organisation.
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5. Enhancing Trust Through SOC 2 Audit
These controls, as defined by the AICPA, are divided into five trust service
criteria:
Security
Availability
Confidentiality
Integrity
Privacy
Who Does SOC 2 Apply To?
If your organization processes data as part of at least one or multiple information systems, SOC 2 is
relevant to you. Assessing operational processes and policies is performed based on the following
requirements:
Security: The security principle is defined as the right of system resources to be protected from
access by an unauthorized person. The requirements start with access control policies and enforcing
the use of firewalls and proceed toward complicated monitoring controls for instance, intrusion
detection systems.
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6. Enhancing Trust Through SOC 2 Audit
Availability: This principle has to do with availability of the system and robustness which is usually
defined contractually by; Service Level Agreements (SLA), Recovery Point Objective (RPO), and
Recovery Time Objective (RPO).
Processing integrity: Data processing has to be processed, effective, precise, efficient, and
certified. As a principle, it works through analyzing and discussing all technical processes and tools
confirming the data delivery flow.
Confidentiality: As a result, and depending on contractual and legal obligations, data in general is
considered to be confidential and therefore, its access, processing and sharing is limited only to
authorized persons (employees, business partners, sub-processors etc.).
Privacy: This set of controls correlates with the privacy principles that have been used to form the
foundation of the current privacy regulations including General Data Protection Regulation (GDPR). In
addition, it covers in its entirety the Personal identifiable information (PII) and its full cycle –collection,
usage for purposes, retention, and deletion.
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7. Enhancing Trust Through SOC 2 Audit
SOC 2 Compliance Checklist
If you are thinking about getting SOC 2 report in the near future, there are one or two things regarding
the timeline that are crucial for you to know.
A SOC 2 Type 2 audit captures how a company operates throughout a period of time: It has to be at
least 6 months, but no longer than 18. In general, the market expects full SOC 2 Type 2 reports for
the period of one year.
While SOC2 Type 1 reports provide information about the design of security processes at a given
period while closely resembling an ISO 27001 audit. If you are not planning this move to Type 2
reports sometime in the future, then type 1 reports can be beneficial. If you need clarification about
SOC 2 Type 1 or Type 2 reports, you are recommended to read this article and find out all the
information you need.
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8. Enhancing Trust Through SOC 2 Audit
As part of the SOC 2 implementation process, the first steps should be:
Scope: One of the important steps is clearly define boundaries of your SOC program because only
this way you can understand to which teams/departments and processes you are bound to cover.
Gap Assessment: According to the service criteria, the only option that gives an outlook of the
existing gaps and the process that may require enhancement is the gap assessment.
Select your SOC auditor: This may seem rather trivial, but you may want to allow more time
when it comes to selecting the auditing organization. Secondly, the assessment of synergy and cost
and the measure of its impact are obligatory.
Mature your processes: As a reminder, there are unlikely to be evidence of effectiveness if the
maturity of processes is being targeted. Again, the other important aspect is to spend time with
leaders to get the processes to optimize them and make sure the entire team understands what to do
so that it can work.
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9. Enhancing Trust Through SOC 2 Audit
Conclusion
If you have all the above done, just smile and hit the road for SOC 2 audit. However, it is
important to remember that SOC 2 is not a dry checklist exercise. Security is not a one-time
solution that, once implemented, will work flawlessly forever. Instead, it is an ongoing
process of refining security systems to build trust with your clients and protect the critical
information passing through your system.
By exploring the resources mentioned earlier and pursuing SOC 2 compliance, organizations
equip themselves with a powerful tool. This tool helps them navigate uncertainty and stay
competitive in earning clients’ trust in the digital world.

10. About Ispectra Technologies
At ISpectra Technologies, we are not just technology enthusiasts; we are architects of
transformation, weaving innovation into the fabric of digital solutions.
Established with a commitment to excellence, ISpectra Technologies is a beacon in the
dynamic landscape of technology, where ideas flourish, and digital aspirations come to life.
At ISpectra Technologies, our integrated approach to digital excellence encompasses
Software Engineering, Cloud Transformation, and Cyber Security Services.
Through meticulous Software Engineering, we craft tailored solutions that not only meet
current requirements but seamlessly adapt to future advancements. Our Cloud
Transformation services guide businesses into a new era, leveraging scalable and secure
cloud environments for enhanced agility and efficiency. Simultaneously, our dedicated
Cyber Security Services provide a robust defense against evolving threats, prioritizing the
protection of your digital assets.
This triad of services ensures a comprehensive and cohesive strategy, propelling businesses
towards a transformative digital future with innovation, resilience, and security at its core.
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11. Our Services
Custom IT services and solutions built specifically for your business
●Software Engineering: Our expert team combines innovation and efficiency to deliver
custom solutions, from cutting-edge applications to comprehensive enterprise
systems, ensuring your business stays ahead in the fast-paced digital landscape.
●Cloud Transformation : Seamlessly migrate to scalable and secure cloud
environments, harness the power of infrastructure optimization, and unlock the full
potential of innovative cloud solutions tailored to your unique business needs.
●Cyber Security Services: Our comprehensive approach combines advanced
technologies and strategic expertise to provide a resilient defense against evolving
cyber threats. From Managed Detection and Response to Virtual CISO services, we
prioritize your digital security, ensuring robust protection for your business.
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12. Why Choose Us?
TRANSFORMING VISIONS INTO DIGITAL REALITY
At ISpectra Technologies, we embark on a journey of innovation, where your ideas meet our
expertise to create transformative digital solutions. As a leading technology partner, we
specialize in Software Engineering, Cloud Transformation, and Cyber Security Services,
propelling businesses into a new era of efficiency and resilience.
6 REASONS TO PARTNER WITH ISPECTRA
●Innovative Edge
●Strategic Execution
●Holistic Cybersecurity
●Cloud Excellence
●Bespoke Software Engineering
●Client-Centric Focus
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