What is SOC 1 Compliance?

Mar 2, 2022 Lazarus Alliance 0 Comment

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.

What Are SOC 2 Type 1 and Type 2 Reports?

Feb 16, 2022 Lazarus Alliance 0 Comment

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.

SOC 2: Trust Services Criteria and Secure IT in 2022

Jan 26, 2022 Lazarus Alliance 0 Comment

With COVID-19, always-online eCommerce and the migration to remote, distributed workforces, IT security is more important now than ever. In some industries, regulations can dictate the privacy and security requirements that every organization must meet. In others, those regulations may be less rigorous or even non-existent. That’s why many organizations turn to additional frameworks to shore up their approach to security. That’s where SOC 2 comes in.

Service Organization Control (SOC) is a standard put into place by the American Institute of Certified Professional Accountants (AICPA) to help financial institutions protect client and customer data. Because the framework is robust and focused, many organizations opt to achieve certification as part of a larger security and customer relationship strategy.

In 2022, after such dynamic shifts in our lives (particularly those tied to digital information), SOC 2 is more important than ever. Specifically, the five Trust Criteria can serve as the backbone of modern privacy and compliance strategies.