SOC 1 Compliance: Financial Data Security
The SOC 1 Compliance Report, which stands for the System and Organization Controls 1, is managed by the American Institute of Certified Public Accountants (AICPA). The AICPA provides resources and guidance for the annual SOC 1 compliance report that assesses internal controls. The certification assures their audience that the company's internal controls managing the financial reports is secured and protected.
The SOC 1 report is imperative for IT companies to obtain, stating they are protecting their customers' data, ensuring a secure environment for their customers' financial information, and providing secure monitoring processes of sensitive information.
Similar to the SOC 2 Assessment, there are two types within SOC 1: feasible internal controls at a specific point of time, and a suitable internal implementation and security of these controls within a minimum of six months.
For more information on obtaining the SOC 1 report, finding the right independent vendor to conduct the assessment, and to answer your questions, set up a free consultation with CYBER BUYER.
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