MSP Business School The MSP's Guide to SOC 2: How to Get Started and What to Expect
In the latest installment of MSP Business School, Brian Doyle hosts an insightful conversation with compliance experts Bo Bito and Angelika Mayen from Render Compliance. The episode zeroes in on the increasingly critical subject of SOC 2 compliance for Managed Service Providers (MSPs), delving into the nuts and bolts of the process and offering pearls of wisdom for businesses considering the SOC 2 journey.
The discussion kicks off with a detailed expedition into the SOC 2 process, demystifying the steps from an MSP's standpoint. Bo and Angelica highlight the importance of involving experienced personnel or consultants early on and underscore the value of engaging with auditors in the initial stages. Offering a rare peak behind the SOC 2 curtain, they detail the differences between SOC 2 Type 1 and Type 2 reports, explaining the significance of each type in establishing and demonstrating a company's commitment to security and compliance.
Key Takeaways:-
MSPs looking to obtain SOC 2 compliance should start by evaluating in-house expertise, consider working with consultants, and connect with auditors early in the process.
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SOC 2 Type 1 vs. Type 2: Type 1 evaluates the design of controls at a point in time, while Type 2 assesses how those controls operate over a period.
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Engaging with technology and tools such as compliance platforms can streamline the SOC 2 process by organizing tasks and centralizing evidence collection.
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Timeline and cost: A typical SOC 2 engagement may span nine weeks, with costs starting from $16,000 up to $40,000, depending on various factors like business size and control complexity.