Government & Compliance Audits
SOC 1
SOC 2
SOC 3
Subrecipient Monitoring Services
Attestation Engagements
Employee Benefits Plans (ERISA)
HIPAA
Soc for Cybersecurity
SOC for Supply Chain 
SOC for AI
SOC for Cloud Security
Grant Compliance Consulting
Virtual CISO (vCISO)
NIST
ISO 27002
SOC
Business Strategy & Excellence
Business Intelligence & Data Analytics
TGC Reviews (SAS 145)
Application Control Testing
SOC Control Design and Effectiveness Testing
Bookkeeping
Daily Operations
Outsourced CFO & Advisory
Tax Planning
Tax Reporting
IRS & FTB Representation
Tax Strategy & Compliance
Corporate Tax Provisions ASC 740
Nonprofit & Tax-Exempt
Key Takeaways
1. Going through a SOC 2 audit sets you apart from competitors. It shows you’ve taken steps to secure your systems, making you more attractive to security-conscious clients.
2. SOC 2 compliance framework significantly improves your security outlook and ensures robust controls and safeguards are in place to protect sensitive customer data.
3. Partnering with The Pun Group means tapping into over a decade of expertise in the compliance industry. We’ll help you smooth-sail your internal processes and prepare you for the SOC 2 audit in no time.
What Are the Benefits of SOC 2 Compliance?
The main benefit of SOC 2 compliance is the enhanced security and trust it brings to your organization. Compliance with the framework also helps you streamline your operations and improve anticipation of risks and vulnerabilities.
Bernard Gallagher, The Pun Group’s Director of Advisory Services, highlights the main significance of SOC 2 compliance.
“While SOC 2 brings multiple benefits, trust is the central around which all other benefits revolve. Whether it’s ensuring data security, gaining a competitive edge, achieving compliance, or improving operations, the ultimate goal is to build and sustain trust with customers and stakeholders.”
Compliance with this framework can improve other aspects of your business. Below, we highlight the key benefits of achieving SOC 2 compliance.
Improves Your Security Outlook
No matter how strong your brand reputation or how loyal your customers are, a poor security posture can quickly drive them away if sensitive incidents occur. SOC 2 audits can help improve your overall security outlook.
Some of the key changes you can see after the SOC 2 audit are:
- Continuous monitoring helps regularly track systems for early detection of vulnerabilities
- Implementation of access controls limits data access to authorized personnel only
- Regular audits keep IT security controls effective and up-to-date
When a third-party vendor completes a SOC 2 Type 1 or Type II audit, it is committed to providing secure services and protecting your user entities’ information.
Also, having a SOC 2 attestation in hand will ensure that robust controls and safeguards are in place to protect sensitive customer data, reducing the risk of data breaches.
Gives You Significant Competitive Advantages
Claiming to be secure is one thing, but proving it is another. Even if your customers aren’t asking for it yet, passing a SOC 2 audit shows you’ve taken real steps to prevent data breaches.
Becoming SOC 2 compliant can help you attract IT security-conscious prospects and boost your sales. Many prospective user entities, especially those with SOC 2 certification themselves, prefer to work with firms that also have a SOC 2 audit report for certain Trust Services Criteria.
“Having a SOC 2 report instantly communicates that the organization takes data security seriously and has been independently verified for having strong controls in place. This can quickly build trust and reassure potential customers.For businesses trying to win new contracts or retain existing customers, SOC 2 compliance can be a crucial differentiator”
Bernard Gallagher, Director of Advisory Services, The Pun Group
Strong Risk Management
SOC 2 Type II audits give customers and stakeholders confidence that your company has the right controls to manage risks associated with your services. This helps reduce the chance of losses or damages from errors or fraud.
A good system includes layered access controls, ensuring employees can only view information relevant to their jobs. You will also be conducting regular risk assessments. This reduces the risk of malicious insiders and limits the damage if a cybercriminal gains unauthorized access.
For example, access controls offer extra security if employees use weak passwords or fall for phishing scams.
Power to Streamline Internally
Sure, your customers will have greater confidence in your company, and potential clients will take a more serious look at your offerings. But this assurance isn’t just for them—it’s for you as well.
Even if you believe you’re compliant, there can still be those lingering doubts. The SOC 2 importance is such that, having a report will provide clear details into your risk and security measures, vendor management, internal controls, regulatory oversight, and more.
Working with auditors requires a deep dive into your own processes. Undergoing a SOC 2 audit, you can smoothly run the processes and controls through SOC 2 Trust Services Criteria, which in turn, helps you gain a better understanding of the cybersecurity risks your customers face.
This ultimately leads to enhanced services and greater peace of mind.
Lays Out Your Compliance Foundation
SOC 2 requirements align well with other frameworks like HIPAA, PCI DSS, and ISO 27001. This alignment makes achieving regulatory compliance with various regulatory standards more manageable, cutting through the red tape of your organization’s overall compliance standard efforts.
It’s crucial to note that a completed SOC 2 audit doesn’t automatically grant ISO 27001 certification. However, consider this scenario: in the future, a new client asks two vendors for ISO certification.
One company, having never gone through any compliance process before, must start from scratch. The other company, with a SOC 2 attestation in hand, has a validated foundation and extensive knowledge of its controls.
Here, the latter has the chance to proceed swiftly towards ISO 27001 certification. Which position would you prefer to be in? Even if you don’t need to comply with other regulatory standards now, undergoing a SOC 2 audit will speed up and simplify those efforts when the need arises.
Long-Term Cost Savings and Loss Prevention
On average, a non-compliance event can result in a loss of $4 million. This cost only tackles fines. Non-compliance can also result in loss of customer support and affect partnerships.
Reducing operational risks, which lowers the cost of handling a breach, provides long-term cost savings. Minimizing these risks reduces the likelihood of a sensitive data breach and avoids paying fines or penalties if your data is compromised.
Moreover, the SOC 2 report can also reduce costs by improving customer satisfaction and loyalty. Customers who feel secure with their data are more likely to do business with you over the long term and recommend your company to others.
If you’re considering SOC 2 compliance, you need an experienced ally to make the process hassle-free. The Pun Group has over a decade of experience helping companies like yours achieve SOC 2 compliance smoothly and efficiently.
Interested? Contact us to learn more.
Have a Good Security Policy
To avoid potential system attacks or failures, it’s essential to have well-defined security procedures and rules that you follow regularly.
This gives you a significant advantage over other service providers and shows your clients that you are prepared for any system breaches and know how to handle them.
Take the Next Step Towards SOC 2 Compliance
Achieving SOC 2 compliance offers significant benefits, from bolstering security and trust to gaining a competitive edge. Whether you’re looking to improve risk management or streamline operations, SOC 2 certification strengthens your organization’s commitment to protecting customer data and reducing operational risks.
How The Pun Group Can Help:
- Over a decade of experience guiding companies through seamless SOC 2 audits
- Expertise in aligning SOC 2 with other regulatory standards like HIPAA and ISO 27001
- Dedicated support in developing strong internal controls and security policies
Ready to Secure Your SOC 2 Certification?
Contact The Pun Group today to start your journey toward SOC 2 compliance and ensure your organization is protected for the long term.
FAQs
Who needs SOC 1 and SOC 2?
A SOC 1 report focuses on internal controls related to financial reporting, whereas a SOC 2 report evaluates a service organization’s security controls relevant to operations and compliance. Depending on your organization’s needs and control environment, either or both types of SOC reports may be appropriate.
Who Needs a SOC 2 Report?
If your organization handles any form of customer’s confidential information—whether storing, processing or transmitting it—SOC 2 compliance is likely essential.
Is SOC 2 the Same as ISO 27001?
While both compliance standards focus on data management and security, their scope differs significantly. ISO 27001 aims to establish a security framework for organizations to manage their data comprehensively and demonstrate a fully functional Information Security Management System (ISMS).
