SOC 2 (Service Organization Control 2) is a set of security and privacy standards for service providers that handle sensitive data for their customers. The SOC 2 standards are designed to help organizations demonstrate their commitment to protecting sensitive data and maintaining high standards for security and privacy. There are specific standards for SOC 2 that consist of five trust principles:
Security: The system must be protected against unauthorized access, use, disclosure, disruption, modification, and/or destruction.
Availability: The system must be available for operation and use as committed or agreed.
Processing integrity: System processing must be complete, accurate, timely, and authorized.
Confidentiality: Information designated as confidential must be protected from unauthorized disclosure.
Privacy: Personal information must be collected, used, retained, disclosed, and disposed of in accordance with applicable laws, regulations, and the company’s privacy policies.
In order to become SOC 2 compliant, an organization must implement controls and processes that meet these trust principles. The controls and processes must be regularly assessed and tested to ensure that they remain effective in protecting sensitive data. Doing this requires several different steps which includes reviewing the SOC 2 standard in order to familiarize yourself with the SOC 2 standards and assess whether your organization's current processes and controls meet the requirements. Your organization should also conduct a risk assessment of the current processes prior to being SOC2 compliant. This can help identify any gaps in your security and privacy controls. Based on the results of your risk assessment, develop a comprehensive control environment that addresses all of the SOC 2 requirements. This may involve updating existing policies and procedures, implementing new technologies, and/or providing additional training to employees.
Once a control environment has been developed, implementation of the necessary controls to meet the SOC 2 standards will have to be done. This can include implementing firewalls, access controls, encryption, and other security measures to protect sensitive data.Have an independent internal audit. This allows for an independent auditor (or someone onsite who understands SOC 2 necessities) to conduct a SOC 2 audit. From then a review for your environment and assess whether your systems and processes meet the SOC 2 standard, to ensure consistent strength throughout the year. Based on these results, you can prepare a SOC 2 report that summarizes your control environment and demonstrates compliance with the SOC 2 standards. This report can be used to provide assurance to customers and other stakeholders that your organization takes security and privacy seriously. Once being compliant, being able to Maintain compliance by being able to have an ongoing monitoring and continuous improvement of your control environment. This may involve updating your controls in response to changes in technology or business practices, and regularly re-assessing the effectiveness of your security and privacy controls.
In conclusion, the SOC 2 standards provide a comprehensive framework for organizations to assess and improve their security and privacy controls, and demonstrate their commitment to protecting sensitive data. Achieving SOC 2 compliance can be a complex and ongoing process, but it is essential for building trust with customers and achieving regulatory compliance in certain industries.
Here at ChemID we care about protecting our customers' data, and to ensure we have the fullest trust and transparency when it comes to data security. We currently use these as guidelines in order to protect your information, and keep up to date with the latest technologies while using blockchain technology to ensure your data is safe and secure. You can read more about the pros and cons of blockchain technology on our blog, or click here.
“SOC 2 Compliance: The Basics and a 4-Step Compliance Checklist.” Check Point Software,www.checkpoint.com/cyber-hub/cyber-security/what-is-soc-2-compliance/#:~:text=SOC%202%20is%20a%20voluntary.
Linn, A., & Koo, B. (n.d.). Blockca. Retrieved June 19, 2023, from https://www.healthit.gov/sites/default/files/11-74-ablockchainforhealthcare.pdf