All You Need to Know About SOC 1 Compliance & SOC 2 Compliance
Organizations handling and processing sensitive data must comply with SOC 1 plus SOC2 standards. These benchmarks enable companies to establish appropriate safeguards for maintaining the integrity and safety of their information. Losing sight of the differences and needs of SOC 1 versus SOC 2 Compliance could be costly in terms of data security, as well as efficiency in operations. What is SOC 1 Compliance? The ICFR is the basis for SOC 1 Compliance or soc 2 type ii compliance compliance. This kind of conformity applies specifically to entities whose services impact clients’ financial statements. The significance of SOC 1 reports lies in ensuring that monetary details are properly managed thus reassuring users and stakeholders about the effectiveness of controls established by an organization. Importance of SOC 2 Compliance SOC 2 compliance ensures that customer data remains secure, available, processable without errors, private and confidential. In contrast to its counterpart –...