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.) has become a key component of monitoring for potential security and compliance risks when outsourcing functions that use a third party’s data.
The five SOC 2 criteria are Security, Availability, Processing Integrity, Confidentiality, and Privacy.
The SSAE 18 audit standard is a framework for reporting on an examination of controls at a service organization relevant to user entities’ internal control over financial reporting.
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.)
A SOC 1 Type 1 report typically costs on average anywhere between $10,000 and $20,000 USD, without the readiness assessment project which most Organizations benefit from and can be an
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
The availability criteria addresses how you go about ensuring the in-scope data and systems stay online and recoverability should go awry.
SOC Reporting Guide