How much does SOC compliance cost?

All told, the average quote for a SOC 2 audit runs between $5,000 and $60,000. But at the end of the day, you’re paying for a lot more than just the auditor. For example, one firm certified by the AICPA to perform SOC 2 audits charges $20,000 for a SOC 2 Type I audit and $30,000 for a SOC 2 Type II.

How long does it take to get SOC 1 Compliance?

But, if an organization has controls in place the average time taken for a SOC examination is typically one to three months for Type I reports, and six to 12 months for Type II reports. If controls are not in place, the examination can take longer.

How do I get SOC compliance?

A 5 Step Guide to Getting SOC 2 Certified

1. Step 1: Bring in Credible Outside Auditors.
2. Step 2: Select Security Criteria for Auditing.
3. Step 3: Building a Roadmap to SOC 2 Compliance.
4. Step 4: The Formal Audit.
5. Step 5: The Road Ahead — Certification and Re-Certification.

What are SOC 1 requirements?

What is a SOC Report and Why Does My Company Need One?

• Security.
• Availability.
• Processing Integrity.
• Confidentiality.
• Privacy.
• Controls related to financial reporting.
• Controls related to Cybersecurity.

How much does it cost to become Hitrust certified?

That means that the total cost of HITRUST for organizations, including direct and indirect costs, ranges from around $60K to over $285K. Keep in mind, you have to get recertified every 2 years, with a mini-assessment scheduled each intervening year.

Are SOC 1 reports mandatory?

SOC 1 reports will be requested if your services as a private company impact a public company’s financial data. Private companies may choose to audit for SOC 2 reports, but not SOC 1. These companies are not required to provide SOC 1 reports to their financial auditors, so there is no need to go through the process.

Do I need a SOC 1 audit?

SOC 1 compliance can help you gain a competitive advantage and client trust by maturing your practices and receiving third-party validation. Undergoing a SOC 1 audit is also a way to be proactive in your information security and compliance efforts, which could be just what you need to stay ahead in your industry.

How much does it cost for SOC 2 compliance?

SOC 2 costs from $20,000 to more than $80,000. The complexity of the infrastructure plays a crucial role in determining the final cost. SOC 2 Type 2 certifications are a natural progression from the Type 1 report. This type of audit can take a while – anywhere between six months to a year.

How hard is it to get HITRUST certified?

Short answer: approximately 4 months from when a company begins the HITRUST certification process. The hardest part for an organization is to get ready for the third-party audit (this takes the longest amount of time!). This means reviewing/implementing all required processes.