The Internal Revenue Service is one of the largest and most essential federal government agencies… which means that there is a lot of opportunity for third-party contractors and managed service providers to offer products to support its mission. It also means that these contractors will be expected to adhere to security standards, specifically those outlined in IRS 1075. 

Fortunately, IRS 1075 is aligned with other federal standards, all of which provide a sound security footing and potential to pivot services to other government agencies. Here, we’ll discuss some overlap between IRS 1075 and federal standards, specifically those related to the National Institute of Standards and Technology (NIST). 

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Audits and compliance are just part of doing business for financial organizations. Clients and partners must know that they can trust you to manage their critical information, keep it secure, and maintain its confidentiality. Frameworks like Systems and Organization Controls, or SOC, help organizations meet these expectations in a standardized way. 

While SOC 2 is generally the more popular all-purpose attestation for businesses, SOC 1 attestation is just as necessary, if not more, for financial service providers. 

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SOC 2 is one of the most well-known and well-respected compliance frameworks for businesses wanting to show partners and clients that they take security seriously. With the help of expert auditors and supportive security professionals, SOC 2 can quickly become a standard part of doing business in nearly any industry. 

Organizations attempting to meet SOC 2 requirements will find that they will always seek one of two types of SOC 2 reports, Types 1 and 2. Learn more about these reports here. 

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