Soc 2 attestation or ISO 27001 certification - Which is better for organization

1. DATE:- 29.06.2020 SOC2 Attestation or ISO27001 Certification Which is applicable to your organization? 01.

2. Introduction 02. • Organizations struggle with the decision between selecting the SOC 2 attestation or ISO 27001 Certification. • Both the audits provide a competitive advantage in today’s Information security landscape. • It is important to understand which audit is required & suitable for your organization. • Essential to understand which audit can be utilized to gain advantages over the market competition and achieve compliance with a regulatory requirement. • We have drawn out a comparative study between SO2 examination and ISO 27001 certification for an organization’s better understanding.

3. 03. Explaining SOC2 Audit Report • SOC 2 audit evaluates the internal controls, policies, and procedures relating to the AICPA’s Trust Services Criteria. • Focuses on a service organization’s internal controls, pertaining to Security, Availability, Processing Integrity, Confidentiality, and Privacy of a system/process. • It is a powerful market differentiator that can help companies gain a competitive edge over others in their industry

4. 04. Explaining ISO27001 Certification • It is an internationally-accepted Information Security Standard for governing an organization’s Information Security Management System (ISMS). • It is a framework of policies and procedures that preserves the confidentiality, integrity, and availability of an organization's information by applying the Risk Management Process. • The Standard Regulates how organizations effectively run an ISMS through policies and procedures and associated legal, physical, and technical controls. • An organization needs to integrate ISMS with the company’s operational process, and overall management structure.

5. 05. Similarities between ISO27001 Certification and SOC2 Report Addresses Information Security Addresses Information Security Implementation of Policy and Procedure Assessors for Audit Demonstrates Management Commitment Management Roles & Responsibility- International Applicability

6. 06. Differences between ISO27001 Certification & SOC2 Report Titles SOC2 Attestation ISO27001 Certification The focus is to measure and validate the capabilities of the service organization's control system against Security Principles & Criteria. The main focus is to establish, implement maintain, and improve an ISMS. Focus Scope & Applicability The scope depends on the organization's service controls which are based on the 5 Trust Service Principles The scope and applicability of ISO 27001 Certificate can be defined based on an organization’s objective and priority Facilitate service organization management in reporting to their customers that they have met established security criteria that ensure systems are protected against unauthorized access Help organizations establish and achieve certification stating that the company meets specified requirements and is thus certified as best practice. Purpose Certification/ Attestation SOC2 reporting is not a certification but an Attestation. ISO27001 is a certification

7. 07. Differences between ISO27001 Certification & SOC2 Report Titles SOC2 Attestation ISO27001 Certification An attestation report which includes an opinion letter, an assertion letter, a system description containing an extensive narrative on the five key components of the organization’s system under review, organizational procedures, and finally the applicable trust services criteria, related control activities, and the testing performed by the auditor and the related test results The deliverable for an ISO 27001 is a certificate which includes information on the ISMS scope, in-scope locations, standard certified against, date of certificate issued and date of expiration, etc. Deliverables Certifying Authority Only alicensed CPA firm can conduct the SOC2 Audit and provide an attestation for the same. Only a recognized ISO27001 accredited registrar can certify an organization for ISO27001. Organization Applicability SOC2 Compliance applies to only service organizations that store, process and transmits customer data. The Standard applies to any organization and industry vertical who wish to strengthen and secure their Information Security Systems.

8. Differences between ISO27001 Certification & SOC2 Report 08. Titles SOC2 Attestation ISO27001 Certification Market Applicability The SOC 2 attestation is a recognized standard in the United States, created and governed by the AICPA ISO 27001 is an international standard accepted globally. ISO27001 usually takes 12-18 months to complete, but depending on the additional process and documentation required to install an operating ISMS. It typicallytakes 12-18 months to complete an entire process from start to finish for SOC 2 Type 1 & Type 2 attestation. Time Frame ISO27001 Certification is valid for 3 years with basic compliance audits conducted in the 2nd and 3rd year. SOC2 Attestation is valid only for 1 year and needs an annual audit Validity

9. What applies to your organization? 09. • Which market does your organization plan to target? • What assessments are customers requesting? • What assessments are your competitors undergoing?

10. Conclusion 10. • Both ISO27001 & SOC2 are excellent compliance efforts for organizations to demonstrate operating effectiveness of their internal controls, and their compliance with regulatory requirements. • Considering the key decision factors may help your organization determine the appropriate assessment for your organization. • Looking at the wider coverage, if your organization is going ahead with SOC2 then you will by default meet the requirements of ISO 27001 Certificate.

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