The SOC 1 has a completely different purpose than HITRUST. Typically a company would perform both if they are a TPA processing medical claims and other claims, where, there is responsibility for financial reporting and maintaining security over the information being handled.
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.)
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
Assuming your Company is subject to GDPR, the level of effort depends a lot on the maturity of Organizational and Privacy controls. The Organizational will be mostly met by implementation
Previously in SSAE-16 a Management Representation Letter was highly recommended and common practice, however, they were not explicitly required to be obtained except in certain existing subject matter sections. This
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
SOC Reporting Guide