SOC 2 vs ISO 27001: Which Is Best For Your Business?
Your business needs a cybersecurity framework. In fact, with cyber threats and attacks escalating across every industry and irrespective of company size, every business needs a cybersecurity plan.
There are many cybersecurity frameworks, but the two most widely recognized are SOC 2 and ISO 27001. Which should you use?
What Is a Cybersecurity Framework and Why Do You Need One?
A cybersecurity framework is a set of policies, processes, and practices that make up the organizational structure for cybersecurity. These frameworks are designed to:
- Protect your organization against cyber crime
- Ensure compliance with security standards and best practices
- Mitigate risks to your organization
Cybersecurity frameworks ensure that your company is reducing its digital risk competently. They are designed to protect your employees, customers, partners, and other stakeholders, by providing a comprehensive set of security controls that address different risk scenarios.
Since cybersecurity is one of the most important aspects of any business today, it is crucial your organization has a cybersecurity framework to implement your own security practices.
SOC2 vs ISO 27001: What’s the Difference?
Let’s outline the clear differences between SOC2 and ISO 27001, which will help you discover which framework is best for you:
· Reputation and Use
Both models are highly reputable security certifications that showcase your organization’s security measures. They’re both widely accepted. However, ISO 27001 is more widely accepted internationally, while SOC 2 is the most common security framework in the United States.
· Cost
Pricing for each does vary widely, and depends on your use and scope of project. However, both are similar in terms of operating expense cost for implementation of security controls and proof of compliance.
ISO 27001, however, can typically cost 50% to 60% more. This is because of the advanced documentation it provides, which will vary depending on your organization’s needs.
· Certification
There is a clear difference in certifications between SOC 2 and ISO 27001:
- SOC 2 is attested by a licensed CPA firm
- ISO 27001 is certified by a recognized ISO 27001-accredited registrar
Both will equally attest to your organization’s level of security.
· Completion
Both SOC 2 and ISO 27001 share many of the same security controls, and go through three stages of a certification project:
- Gap assessment/Plan definition
- Implementation/Evidence collection
- Audit certification
Typical durations are as follows:
SOC 2
- Approximately 3-6 months to complete SOC 2 Type 1 certification
- A further 3-6 months to finish SOC 2 Type 2 certification
ISO 27001
Approximately 12-18 months to complete. It takes longer with ISO 27001 due to the additional documentation and processes required to install an operating ISMS (Information Security Management Software).
· Renewal
SOC 2 has two types of reports:
- Type 1 – this is a quick, day-long audit of your security measures for customers and prospects.
- Type 2 – a 6-12 month compliance audit of your systems and security controls. Maintaining compliance every year will ensure you can provide ongoing security assurance.
ISO 27001 typically involves a three-year commitment, with a point-in-time audit in year one, and renewals each year thereafter.
SOC 2 vs ISO 27001: Which Is Best for Your Organization?
Many factors come into play, but the main ones are where you are located and what type of company you are.
While both ISO 27001 and SOC 2 are recognized internationally, SOC 2 is less popular outside of North America.
If you’re an SaaS company or use the cloud for storing customer data, then SOC 2 would be the better option for you, as it was developed specifically for cloud storage of data.
If your company stores sensitive data, ISO 27001 will certainly be useful, as it assists in evidencing your safeguarding of customer information. If your organization is fast-growing ─ such as telecom and financial ─ ISO 27001 may also be a great option. It outlines responsibility, and regulation compliance, and many government agencies use it around the world.
Advance Your Security with the Best Workforce
For help deciding on which security framework will be most effective for your business, and to discuss how to implement it, contact Tiro Security today. You’ll find our knowledge, experience, and expertise is second to none – as is our exceptional workforce.