SOC
SOC compliance pertains to a series of independent assurance reports developed under the AICPA to ascertain the manner in which organizations are dealing with customer information and systems. The significance of SOC reporting applies to organizations that deliver outsourced services, including cloud organizations or SaaS firms.SOC compliance enables organizations to make sure that appropriate controls are in place to provide support in relation to security, availability, processing integrity, confidentiality, or privacy.
There are three types of SOC reports, and they are categorized as follows: there is SOC 1, which deals mainly with the controls related to financial reporting; there is SOC 2, which gives an evaluation of controls on the basis of Trust Services Criteria; and there is SOC 3, which is a broad report that is prepared from the report of SOC 2. Of these, the most popularly attempted is the SOC compliance, which demands the development, operation, and maintenance of efficacious controls by doing independent audits of their operations.
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