• Shivam Maurya
• September 10, 2024
• No Comments

In the modern evolving complex organizational landscape, organizations commonly rely on third-party service providers to handle essential business operations to maintain strong controls and implement System and Organization Controls or SOC audits including SOC-1 and SOC-2 Type-2. Essential InfoSec is a CERT-In-empaneled security auditor that fosters manual application systems for security services, various security auditing networks. It emphasizes on technical and business logistic testing.

Basic Concepts of SOC-1 and SOC-2 Type-2 Audits

• SOC-1 Audit is centered on designing and operating business effectiveness of the internal control regarding financial reporting (ICFR), ensures the protection of financial information. It is conducted regarding the Standards for Attestation Engagements (SSAE) 18 AT-C Section 320.
• SOC-2 Audits aims to control the organizational services including data security, availability, processing, confidentiality and privacy. It entails the in-depth opinion of the auditor regarding the design and operational effectiveness of internal systems.

Differences between SOC-1 and SOC-2 Type-2 Audits

• SOC-1 primarily focused on controlling financial reporting. While SOC -2 depends on controls related to data security, availability and ensuring integrity of the security information and its compliances. That are used with data centers including SaaS vendors, IT managed services, and other cloud-computing firms.
• Additionally, SOC-1 is commonly utilized by auditors and financial executives of clients while SOC-2 often implemented through clients, business partners and regulators. It can explore the data protection practices of the service providers of the organization.
• Moreover, SOC-1 is relevant for service organizations and directly impacts the financial reporting of the consumers as well as. It is primarily used for internal controls and processed by the auditors and financial executives to make financial decisions.
• On the other hand, SOC-2 identified the service organizational control. That can be relevant for significant operations and secure effective compliances of the organizations. It is commonly utilized by consumers, regulators and business partners to analyze the data protection practices  of the service providers.

Usage of SOC Audits in different Organizations

•  SOC 1 compliances are designed to safeguard financial information. SOC 2 is cultivated for reviewing a wide range of well-suited technological service organizations. While, Essential InfoSec uses Cyber Capability Index to minotaur and analyze cybersecurity maturity and ensure the required standards of the organization.
• Essential InfoSec uses SOCs to ensure the effective security monitoring mechanisms in different ranges including own, group-based, market-based, or third-party managed.
• SOCs in every organization seeks to provide continuous monitoring and deliver rapid responses through suspicious activities.

Conclusively, the differences between SOC-1 and SOC-2 Type -2 is essential in collecting the appropriate compliance frameworks within the organization. Essential InfoSec emphasizes its cyber security services and security monitoring through the implementation of SOCs Audits.