There’s no denying it. Cyberthreats are on the rise, and they’re becoming more sophisticated by the day. Naturally, customers and stakeholders are looking for that extra assurance that their data is kept safe and sound. That’s why SOC 2 Compliance is a non negotiable– it’s the gold standard that shows that a company takes their customers’ security and data seriously.Â
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Regulations are starting to tighten up and companies are feeling the pressure to start their SOC 2 compliance journey. For startups, finding the right compliance software can really take a huge load off your already packed to-do list, smoothing out what can feel like an overwhelming process. To help, we have created a list of the top five compliance software tools for startups. Each offers unique features to help startups stay ahead in their compliance game.
A Quick Rundown on SOC 2
SOC 2 stands for Service Organization Control 2. It is a compliance framework created by the American Institute of Certified Public Accountants (AICPA). It outlines the policies and protocols companies should have in place to safeguard their customers’ data. Think of it like a comprehensive checklist or playbook that keeps you in check, ensuring all the right security measures are in place.
To get SOC 2 attestation, your business’s security controls are put under the microscope to assess whether you’re taking the safety and security of your customers’ data seriously. This assessment revolves around five Trust Service Criteria (TSC): security, availability, processing integrity, confidentiality, and privacy.Â
Here’s a quick rundown on the five Trust Service criteria and what they’re all about:
- Security: Making sure your systems are defended against unauthorized access, both physical and digital. And that you have solid measures in place, like firewalls and intrusion detection.
- Availability: Ensuring that your services are constantly up and running as promised.This is especially important for industries where downtime is just not an option.
- Processing Integrity: Ensuring complete, accurate, and timely data processing. This is crucial for industries working with numbers (like finance), where precision is key.
- Confidentiality: Protecting data that is meant to be kept confidential. This involves restricting data access to unauthorized individuals and implementing strong measures like encryption and access control to prevent breaches.
- Privacy: Management of personal data is handled in line with privacy regulations, defining how, when, and why user information is used, stored, and shared.
Top 5 SOC 2 Compliance Software
1. Scytale
Scytale stands out from the compliance crowd as the gold standard for B2B startups, specializing in SOC 2 compliance tailored to the unique needs of smaller companies. With an intuitive interface and hands on guidance from their in-house compliance experts, the daunting task of tackling SOC 2 compliance becomes far less intimidating. Scytales compliance experts hold your hand every step of the way, offering practical tools and efficient solutions, making for the complete compliance package.
What really sets Scytale apart are their standout features, like automated evidence collection, continuous control monitoring, a customer policy builder and seamless integration with popular tools. These features simplify the complex process and significantly reduce the manual workload. With real time monitoring and policy management tools, startups can be confident when the audit rolls around, knowing that everything the auditor needs is ready and available in one place.Â
2. LogicGate
LogicGate is praised for their holistic approach to GRC (governance, risk, and compliance). Their robust solution is particularly effective because of their centralized dashboard that gives users a comprehensive view of all compliance efforts in one place. LogicGate stands out for their flexibility and customizable features like risk and policy management and automated evidence collection. This flexibility makes it a great choice for companies with specific or complex compliance needs.Â
While the options for customization are extensive, it can come with a learning curve, requiring extra resources, training, and time. It is also important to note that SOC 2 is not LogicGate’s primary focus. So, companies looking for a solution required solely for SOC 2 may find the software falls short and is not focused enough.
3. Tugboat Logic
Tugboat Logic now belongs to One Trust. They are a great choice for SOC 2 compliance as they are known for simplifying the process through their streamlined data management processes. With features like automated evidence collection, risk assessment tools, and audit readiness capabilities, the compliance journey is made as straightforward as possible, helping companies stay on track. Small to medium would benefit from TugBoat Logic’s guided workflows and template – providing clear, step-by-step assistance throughout the process.
However, users have noted that their customer service is lacking in some areas. Tugboat Logic recently moved over to a separate support portal, meaning customers aren’t getting assistance as timeously as they might need.
4. One Trust
One Trust offers a versatile platform known for their robust features in data privacy and security compliance.The platform offers extensive tools for automated evidence collection, continuous monitoring, and policy management, all essential for SOC 2 compliance. OneTrust’s comprehensive features support organizations in maintaining ongoing compliance and preparing for audits efficiently.Â
However, OneTrust may best suit large, well-established enterprises with an in-house compliance or security team. The depth of functionality and scaling capability may be too much for small startups. Unnecessary complexity here may result in increased costs later on.
5. AuditBoard
AuditBoard is a solid risk management platform that helps with various compliance needs, including SOC 2. It’s great for automating evidence collection and risk assessment which makes the SOC 2 process much smoother. You can collect evidence in one place, use standardized risk templates, and automate workflows to keep everything running smoothly. Plus, its integration capabilities mean you can tackle multiple compliance frameworks at the same time.
However, customers have reported that setting up the tool can be a bit tricky, and understanding which controls to use and when can be confusing. The platform’s effectiveness also heavily depends on your existing internal processes, so, for companies like start-ups, this may be a bit of a hindrance.Â
Choose your Best Fit
Choosing the right SOC 2 compliance software is all about matching your organization’s unique requirements and capabilities. Each of these tools offers their own pros and that’s what makes them the top contenders for startups.
To nail your SOC 2 compliance, find software that matches with your company’s specific needs. Do thorough research, read customer testimonials (G2 is your best friend!) , and review expert opinions. This will help you pick a tool that simplifies compliance management and strengthens your security framework– which increases stakeholder and client trust exponentially!
By weighing the pros and cons of each option, you can make an informed decision that supports your compliance goals. Whether your focus is on ease of use, customization options, feature richness, or expert support, there is sure to be a SOC 2 compliance software that fits your needs perfectly.
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