Yes, they can complement each other. SOC 2 may cover specific areas relevant to service organizations, while ISO 27001 provides a broader approach to information security management.
The five SOC 2 criteria are Security, Availability, Processing Integrity, Confidentiality, and Privacy.
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
The availability criteria addresses how you go about ensuring the in-scope data and systems stay online and recoverability should go awry.
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.
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.)
Organizations that handle financial transactions, especially those impacting external financial statements, are good examples of those who need SOC1 audits.
SOC Reporting Guide