Finding SOC 2 compliance is a precious step for any organization looking to assure clients of data security and operational integrity. Meanwhile, the process does come with different costs that businesses must get ready to navigate. SOC 2 compliance costs on various factors such as organization size, the range of systems being judged, and the resources required to execute and preserve security controls.
Homework and Gap Judgment
The initial cost is the initial assessment of the gap. The process includes finding and answering the issues with the present security practices to meet SOC 2 needs. Companies even hire third-party auditors or consultants for the proper assessment. On the other hand, some businesses invest in automated fulfilment tools, which can decrease manual estimation costs over time.
Remediation and execution
If a gap assessment showcases the areas requiring improvement. It is about to executing the required security controls and policies can incur extra costs. These costs differ but can range from a few thousand to tens of thousands of dollars. It is according to the scope of required updates. Costs here might comprise buying software for logging and monitoring, establishing training plans or executing better access controls.
Constant Maintenance and Monitoring
SOC 2 compliance isn’t a one-time attainment; it needs regular maintenance and monitoring to ensure ongoing following of the security standards. It comprises system updates, recurring internal audits, employee training, and perhaps annual SOC 2 audits. It depends on the level of monitoring tools and procedures for the organization’s flexibility.
Audit Fees
The SOC 2 audit itself is a main cost constituent. It demands the services of an independent third-party auditor to charge the management system. Audits can cost as per the level of the complexity of your communications. It is important to have time required for review. The audit is separated into Type I and Type II examines. In the Type II, it is commonly being classier due to its thorough, longer-term judgment.
Cost of Opportunity
Apart from the direct costs, SOC 2 compliance often comprises professional team time and reserves. It could impact the priorities and projects. The employee’s training and allocating time for audit training can add hidden costs.
The cost can be higher, but you can enjoy noteworthy benefits in building trust with clients. At the same time, you can defend the highly sensitive data. You can ultimately assist to mitigate the highly cost of data breaches or follow up the issues.
