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.
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
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
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
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
At a high-level, SOC1 is about financial controls, while SOC2 focuses on information security controls. They serve different end-user customers and stakeholders.
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
SOC Reporting Guide