In this digital era, protecting your company’s information remains an important goal. This is when SOC 2 audits come in handy. It ensures that you get an excellent evaluation of the company’s IT systems and controls.
The SOC 2 maintains a stringent structure of the audit process. It starts by defining the audit field, starting from the time frame and the TSC, depending on the field of activity of the Trust Services. Furthermore, the audit revolves around five core Trust Service Principles: Security, availability, processing integrity, confidentiality, and privacy, which are the five principles of data security on which most data security models are built.
However, getting past the challenges of a SOC 2 audit can be very challenging since the service organizations may experience several difficulties. This article will discuss the significant challenges and how to overcome them effectively.
SOC 2 Challenges and Best Practices
-
Auditor Selection and Engagement
The Challenge: Selecting the proper auditor and interacting with them will be very helpful for the SOC 2 examination. However, this is not always possible as not every certified public accountant firm possesses the necessary knowledge in your industry. It may result in a misunderstanding of essential objectives of controls for a business, questioning the validity of the conclusions.
How to Tackle It: To ensure you get the best service, research the available auditors who major in your field. Always answer the auditor, provide them with all necessary documents as soon as possible, and discuss all problems and findings with them.
-
Defining Audit Scope
The Challenge: Establishing the parameters for the compliance programs is one of the most important yet least discussed aspects of SOC 2 compliance. In an ideal world, the compliance audit scope will encompass only the systems and data you need to perform your tasks. Even more than that, it may not be wise to spend extra money on maintaining systems at a higher level of readiness if this is not needed.
How to Tackle It: Conduct a list of all systems, applications, and data involved with SOC 2 compliance. It is necessary to express the scope of the audit and indicate the reasons related to the inclusion or exclusion of specific components in the audit area. You can get in touch with people from various departments to get an in-depth view of the company’s operations.
-
Substantial Financial Investment
The Challenge: The most arduous task you may experience is coming up with enough capital to fund your SOC 2 certification. Compliance takes a significant amount of money to make become a reality. Expenses of using consultants, making changes to the security systems, and going through audits can challenge a company’s resources.
How to Tackle It: Plan your budget carefully. Nevertheless, you should first attempt to focus on paying for meaningful solutions that can enhance security. You may also think of spreading out the expenditures over time. You can also search for cheaper solutions, such as creating automation tools for compliance.
-
Limited Time and Manpower
The Challenge: SOC 2 compliance is not a process that can be done halfway. It needs time and specific individuals to handle. There is nothing more cumbersome when it comes to SOC 2 compliance than using your current resources to fulfill its demands. For instance, your IT team is stretched to handle several basic challenges. It may not afford them the time to undertake compliance in addition to it.
How to Tackle It: Assess resources structurally by looking at who some of the critical members of the team are that will handle compliance. It is also possible to outsource to complement your internal talent for compliance.
-
Complex Regulatory Landscape
The Challenge: Nowadays, various rules and regulations have flooded society. It makes it quite overwhelming for job seekers looking forward to finding a suitable job to meet their needs. Furthermore, it could also be tricky for your team to keep up, especially if your business crosses several legal systems based on your area of operation.
How to Tackle It: Subdivide different requirements into easier processes to be followed. You can work on identifying the regulations that have a direct application in the operations of your business. In addition, consult the specialists or go to the associations that exist in the given field to remove doubts.
-
Aligning Existing IT Systems
The Challenge: Compliance with the SOC 2 standard requires organizations to adapt their IT environments, and it is not an easy task. For newcomers it may involve many upgrades for a start. That will take tech savvy and even more money, which no one has at the moment, especially with the recent global economic downturn.
How to Tackle It: You should implement the security controls in phases and ensure that the most essential of them is implemented first. Upgrade internal IT if required, and focus on using the cloud infrastructure with security measures inherently integrated into it as a general trend.
-
Documentation and Reporting
The Challenge: SOC 2 compliance requires proper documentation per developing control policies and procedures. You must monitor all the records concerning policy and procedures, control, and everything else. If done incorrectly, it results in gaps that could have a negative impact on your certification process.
How to Tackle It: You must document policies, procedures, and controls under simplified formats for the various policies, procedures, and controls. Adopt a system that would ensure that there is a central store for documentation. Finally, one should conduct periodic checks on the records to assess their credibility and update them from time to time.
-
Resistance from Employees
The Challenge: You must understand that SOC 2 auditors will not only assess your IT security. They will also look at what your organization is doing regarding client data security. That includes even the security awareness and security compliance across the organization.
How to Tackle It: Make the employees understand the significance of SOC 2 compliance. Proper training and education can help your team understand the security measures. Practice what you preach and promote the reporting policy, indicating everyone is responsible.
It is important to remember that the SOC 2 audit is not just a compliance checklist that you must complete to cross-check the required regulatory framework. It is a promise, an assurance that you will shield your clients’ information from access, threats, and other risks to the utmost potential. So, you must effectively communicate your commitment to data security and build a trustworthy environment for your clients.