Choosing the right compliance report is essential for demonstrating your commitment to data security while meeting the specific needs of your audience. So how do you know if a SOC 3 report is right for you?
In this blog post, we’ll explain in greater depth what SOC 3 reports are and what they cover.
Obtaining a System and Organization Controls (SOC) 3 report is one way for a service organization to attest to the security of its digital environment.
The scope for SOC 3 reports is similar to that of SOC 2 reports. However, SOC 3 reports are shorter and allow for more general distribution, with the option of displaying a website seal if the service provider receives an unqualified opinion from their audit firm.
Reports are prepared using one or more of the trust services criteria (TSC) established by the American Institute of Certified Public Accountants (AICPA). Those include:
All SOC 3 reports must stem from a SOC 2 Type 2 audit.
Organizations that should consider a SOC 3 report include cloud service providers (e.g., SaaS, IaaS, PaaS), enterprise systems housing third-party data, IT systems management, and data center colocation facilities. If you want to communicate that your organization’s controls are properly designed, implemented, and operating effectively, but do not want to reveal the details of controls, then the SOC 3 report may be right for you.
A SOC 3 report is the only type of SOC report that can be publicly distributed. Your organization can demonstrate your SOC 3 compliance in marketing campaigns, add it to your website, and more. While other SOC reports are confidential and often require signed non-disclosure agreements (NDAs) prior to viewing, the public nature of SOC 3 reports can help build trust among your stakeholders and customers without revealing private information about your organization.
A SOC 3 report is far more than a technical summary; it is a powerful marketing asset designed to broadcast your commitment to security to the world. Unlike the restricted-use SOC 1 or SOC 2, a SOC 3 report is built for the public, providing a high-level seal of approval that proves your internal controls are rigorous without revealing your proprietary “playbook.”
By choosing to publish a SOC 3 report, you move beyond satisfying specific auditors and start building a brand of transparency. It allows you to showcase your compliance with the TSC directly on your website and in sales collateral, providing immediate assurance to prospects before they even sign an NDA.
Still not sure whether a SOC 3 report is the right tool to accelerate your sales cycle and build general consumer trust? Contact us today for a free consultation on how to turn your compliance efforts into a competitive advantage.