What Is a SOC 2+ Report and Why It Matters

With data privacy laws and security concerns showing no signs of slowing down, securing your organization’s systems is no longer enough — compliance must be front and center. A SOC 2+ report offers a powerful solution for organizations that face multiple regulatory requirements.

Before diving into SOC 2+, it’s helpful first to understand the basics of a SOC 2 report. A SOC 2 report is an assessment conducted by licensed CPA firms that thoroughly evaluates an organization’s IT systems and processes across five possible critical areas (as selected by the service provider): security, availability, processing integrity, confidentiality and privacy. This extensive review ensures the company has strong controls to protect data and mitigate security risks.

SOC 2 reports are invaluable for organizations that must demonstrate they are handling data securely. They have become a de facto standard requirement for many organizations before they will engage with third parties that may obtain any of their sensitive data.

What Is a SOC 2+ Report?

A SOC 2+ report expands on the SOC 2 framework by adding compliance requirements beyond the core areas of security and privacy. For example, if your organization handles healthcare data and needs to comply with HIPAA or ISO, SOC 2+ integrates these additional regulatory requirements into a single, comprehensive report.

This unified approach allows your organization to meet various industry and legal standards, reducing the need for multiple audits. In short, because many IT security standards can be mapped to one another, an auditor can test once and apply that test across multiple frameworks.

Below is an example of how SOC2 Trust Service Criteria maps to ISO:

Why Do Organizations Need SOC 2+?

Organizations in highly regulated industries like healthcare and finance often face complex legal obligations. A SOC 2+ report offers a tailored solution to meet these requirements, reassuring clients and stakeholders that your organization handles data securely and complies with relevant regulations.

SOC 2+ also serves as a valuable marketing tool. It signals to potential clients that your organization takes data security and compliance seriously, giving you a competitive edge when bidding for contracts or working with industries with strict data protection standards.

What Are Other Considerations for a SOC 2+ Report?

If your organization’s current SOC 2 report isn’t meeting customers’ needs with heightened regulatory expectations, a SOC 2+ report could be the solution. A SOC 2+ report is beneficial if your organization faces compliance demands across multiple IT security frameworks. By addressing critical regulatory risks in a single, integrated report, SOC 2+ reduces the burden of responding to numerous audit requests and IT security questionnaires.

If performing only one audit to address many audit frameworks seems like a no-brainer, the concept of SOC2+ does have some inherent challenges. Some frameworks, which do map to SOC2, are treated as highly proprietary by the governing organizations and they will frown up issuance of a SOC2+ with their framework. These may include HITRUST and PCI for starters.

Next Steps

By enhancing your existing SOC 2 report with additional layers of compliance, SOC 2+ creates a streamlined approach to managing complex compliance obligations. Whether aiming to reduce audit fatigue or expand into new markets, a SOC 2+ report can help your organization stay compliant, build trust and operate more efficiently.

If you think your organization may need a SOC 2+ report, it’s important to consult your service provider. If you don’t have a provider specializing in SOC 2+ reports, our experienced SOC professionals at CBIZ are ready to help. We’ll guide you through the process efficiently, ensuring your specific needs are addressed.

Ready to take the next step? Connect with one of our professionals today to discuss your SOC 2 journey.