One of the most frequently asked questions about becoming SOC compliant is what is the cost of a SOC 2? The cost of a SOC 2 depends on several factors: the type of SOC Audit, the complexity of internal infrastructure, the overall size of your organization, and several other factors. Because of the time saving SOC Vantage Smart Technology, an initial SOC 2 Type 2 Audit begins around $20,000.
Type 1 vs Type 2
Both a SOC 2 Type 1 and SOC 2 Type 2 are in-depth tests of the strength of an organization’s internal security controls. The difference between the two comes in the period covered by both audits; a Type 1 audit tests the internal controls on a particular date, while a Type 2 audit tests the strength of those controls over at least six months. Completing a SOC 2 Type 2 is typically considered the highest level of security obtainable for a service organization but will also likely come at a higher cost than a Type 1 audit.
Audit Scope & Internal Infrastructure
A SOC 2 Audit covers the Trust Services Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy. All SOC 2 Audits cover the Security and Availability criteria, but the more of the other criteria that are covered, the wider the scope of the audit is, and the greater the cost of completion will become.
The size and complexity of your organization will also influence the price of a SOC 2. Larger, more complex organizations will have increased costs due to the greater resources required for the auditor to complete the assessment.
SOC Vantage’s Cost-Saving Software
SOC Vantage’s smart technology and customizable software are major advantages for organizations seeking their first or next SOC audit since the time saved will cut down on overall audit costs significantly.
If you have any questions or would like a proposal for your next SOC Audit, contact us today!
