The SOC 2 and 3 reports are two different documents that show how an organization is performing in terms of security. However, how exactly do they do that? What are the differences between the two? Which report will work better for your organization?
If you have been wondering about these questions, then this article is for you. Understanding the differences between soc 2 vs soc 3 reports will help you choose which one is right for your needs.
Understanding SOC Reports
A SOC compliance report is an overview of your business’ data and security practices. It’s meant to help you understand how well your company is protecting its data from internal or external threats. The information in these reports can also be used to make decisions about which areas of IT need more attention and provide a baseline for future activities that are important for the organization. The best way to get started with this type of reporting is through a third-party service provider.
What are SOC 2 Reports?
A SOC 2 report is also known as a Service Organization Control Report. It’s a set of guidelines for service organizations to follow and provides information about their controls. This can include things like policies and procedures, staffing levels, training programs, quality assurance/quality control measures (QA/QC), security measures, etc., all in one place so that management can see how well they’re doing at meeting these requirements.
It has been designed to provide information about an organization’s internal controls and how it handles sensitive data such as financial data or medical records
What are SOC 3 Reports?
So, what is the SOC 3 report?
SOC 3 reports are a type of SOC report. They’re more rigorous than SOC 2 reports, and they cost more to produce.
In contrast to the relatively simple format of a standard SOC 2 report, the structure and content of a SOC 3 report are much more detailed and complex. This means that it’s going to take longer for you to complete one—and because there are so many different elements involved, such as risk assessments. You can take a look at a SOC 3 report example available online to get a better idea of what it entails.
You may need help from an expert if your company doesn’t have its own in-house experts who can deal with every aspect of this type of project on their own.
Also read: 18 Best Reporting Tools & Software for 2022
Similarities between SOC 2 and SOC 3 reports
The main similarity between SOC 2 and 3 reports is that both are written for the same purpose: to assess the security of your systems and processes. Both reports are independent third-party reports and are required by law, so you can be sure that your company’s data is safe from prying eyes.
The Difference between SOC 2 and SOC 3 Reports
The main difference between a SOC 2 and 3 report is how they differ in their scope as well as their focus on different aspects of security. A SOC 3 report will cover everything from physical security measures to network architecture, whereas a SOC 2 focuses exclusively on logging activity, vulnerability detection techniques, and threat hunting strategies implemented within the IT environment.
SOC 2 reports cover all aspects of an organization that may have been affected by a data breach, including financial information and intellectual property.
If you’re a service provider, you should go for SOC 2 compliance. The reason for this is that, with most clients and customers wanting to keep their data secure, it’s likely that they will not be able to meet the requirements of a SOC 3 standard.
Suppose you are a software developer or other IT professional who wants to create applications or systems that have an impact on people’s lives. In that case, it makes sense for you to use the more stringent standards of coding practices and security controls found in SOC 3 compliance.
Understanding the differences between SOC 2 and SOC 3 reports is helpful.
By understanding the differences between SOC 3 report vs SOC 2 report, you will be better equipped to make the decision between the two.
Both reports are important, but they tend to be used for different purposes, so you may find that your organization uses only one of them.
SOC 2 reports are used in industries where there is a high risk of environmental contamination or exposure to hazardous substances but where it’s not yet possible to quantify this risk using traditional methods such as sampling or testing. These industries include construction, manufacturing (e.g., pharmaceuticals), mining/oil and gas extraction, and waste management operations. These industries require comprehensive safety programs to ensure worker safety at all times during their workday activities, even when no direct contact exists between workers and hazardous substances on site.
Understanding the differences between SOC 3 vs SOC 2 reports is helpful. It can help you make the right decision when it comes to your business’s security risk assessment.