SOC stands for System and Organisation Controls. A SOC compliance ensures that an organisation follows best practices related to protecting its customers’ data before entrusting a business function to that organisation. These best practices are in the areas of finance, security, processing integrity, privacy, and availability. The reports which are generated and approved by the third party provide independent assurance and help clients/partners understand the potential risks associated with collaborating with the organisation that has been assessed.
You may choose to pursue SOC compliance because you are working on signing a potential client that values your security or your own company works with sensitive data and you wish to be proactive in implementing security power.
Based on the information required and the type of organisation involved, there exist multiple versions of SOC reports, they are SOC 1, SOC 2, and SOC 3.
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