There are a lot of factors that go into responding to this question. There are audit, consulting, software, internal resources, and other factors to consider which can easily grow from $30,000 to $200,000 depending on how the effort is accounted for.
SOC 1 stemmed from the original SAS 70 report, which, once SSAE 16 was issued in April 2010, the formal report name was changed to being a SOC 1 report (but issued
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.)
Depending on the size of your Company, you could look to another small business owner in a similar situation or trusted advisor to sit on each others board’s and create
The Service and Organization Controls 2 Report, formally known as a Service Organization Controls Report as of the most recent update to the SSAE 18 audit standard. A SOC 2 report
SOC 2 is not a certification, it’s a third party attestation of the controls in place at your organization. Typically when a company is asking this question though the answer
Yes, failure to meet the relevant Trust Service Criteria may result in a failed SOC 2 audit, requiring remediation. This is known as a Qualified Opinion when this happens.
SOC Reporting Guide