SOC 2 vs ISO 27001 certification – what is the difference?
The best data security practices include systems that prevent unauthorized access to an organization’s internal data and the avoidable drama of the loss of privileged information. A data breach is something that all organizations want to avoid. When using third-party software it is important that the software provider has the same – or better – security standards as your own organization. How can you know if a software provider carries a certification that meets your standard?
SOC 2 and ISO 27001 are two well known security compliance standards. They are both widely used and cover similar areas of interest, but have very distinct differences. One type of certification has definite advantages if your organization conducts any business in any other territory besides the United States. Let’s look at SOC 2 vs ISO 27001 certification and the advantages they bring.
What is SOC 2 certification?
SOC (System and Organization Controls – formerly Service Organization Controls) audits are an independent assessment of the risks associated with using service organizations and other third parties. SOC 2 was developed by the American Institute of Certified Professional Accountants. SOC 2 is a voluntary standard of compliance for service providers and has two types: Type I and Type II. In general, a SOC 2 certification is an audit report issued by external auditors.
SOC 2 compliance hinges on five principles or Trust Service Categories (TSCs); security, availability, processing integrity, confidentiality, and privacy. Demonstrating full compliance with all five TSCs gives your organization a competitive advantage, especially in industries that require higher compliance standards, such as the financial sector.
What is ISO27001 Certification?
ISO/IEC 27001 is the world’s standard for information security management systems (ISMS) and their global requirements. Certification is covered by more than a dozen standards in the ISO/IEC 27000 framework. ISO certification enables organizations of all sectors and sizes to manage the security of financial information, intellectual property, employee data and information entrusted by third parties.
What is the difference between SOC 2 vs ISO 27001?
SOC 2 is a set of audit reports that demonstrate conformity to a set of defined criteria (TSC). ISO 27001 is a standard that establishes requirements for an Information Security Management System (ISMS).
- SOC 2 covers the United States.
- ISO 27001 is international
- ISO stands for International Standards organization
- SOC 2 is best for service organizations from any industry.
- ISO 27001 is for organizations of any size or industry.
- SOC 2 is certified by a licensed Certified Public Accountant (CPA).
- ISO 27001 is certified by the specialist ISO certification body.
- SOC 2 demonstrates a security level of systems against static principles and criteria
- ISO 27001 is intended to define, implement, operate, control, and improve overall security.
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Who certifies SOC 2 vs ISO 27001?
SOC 2 and ISO 27001 are almost the same standard but ISO 27001 is a global certification and slightly more stringent. SOC 2 can be certified by a licensed CPA firm, whereas ISO 27001 must by an accredited certification body.
If your business operates within the financial or healthcare industries in the United States SOC 2 certification may be best for you. However, most international organizations prefer ISO 27001.
The decision is entirely dependent on your organization’s needs. Both SOC 2 and ISO 27001 come with specific benefits but the certification that is right for your business does not need to be too difficult to choose.
Timewatch is certified to global standards
Timewatch is ISO 27001 certified. We chose this system because it is a global standard and our software is used by organizations around the world. SOC 2 attestation reports areexcellent for US-based companies but does not have the trusted reach for businesses outside of the US. Many of our US-based customers have offices outside of the US or are international organizations that carry international certification.
Read more about our ISO 27001 certification here and learn what was required of Timewatch to obtain global certification including annual audits that:
- Systematically examine our information security risks, taking account of the threats, vulnerabilities, and impacts
- Design and implement a coherent and comprehensive suite of information security controls
- Adopt a management process to ensure information security controls continue to meet the organization’s information security needs on an ongoing basis
Who is Timewatch?
Timewatch is a specialist in resource scheduling, time tracking and professional services automation systems, as well as analytics / reporting, time tracking and scheduling solutions for Outlook and Teams. As a specialist solution provider, Timewatch works closely with its clients to help them implement and optimize their implementation specifically to their organization’s unique requirements and seamlessly integrate with internal solutions.
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