SOC 2 Consulting: Which Companies Support the Audit?
Introduction
In 2025, European financial regulators found numerous deficiencies in information security at a leading financial services firm. The consequences were severe: the firm was fined 1.5 million euros, and its reputation was heavily impacted. This is just one example of the repercussions that a failing SOC 2 audit can have. In an era where customers and regulators demand stricter security standards, protecting customer data and ensuring compliance is more critical than ever for businesses, especially in the financial sector.
For European financial service providers, this means they must adhere not only to national regulations but also to supranational requirements, such as the GDPR and the NIS2 directive. The consequences of a flawed SOC 2 audit are enormous: high fines, reputational damage, audit difficulties, and even operational disruptions that can jeopardize the business model. Therefore, it is crucial to have the right consulting firms for the SOC 2 audit that can assist companies in implementing and reviewing the necessary measures.
In this article, we will explore which consulting firms assist companies with their SOC 2 audit and how important this support is for the success of your audit. We will also address the various aspects that must be considered in a SOC 2 audit and which rocket science errors to avoid.
The Core Problem
SOC 2 consulting is not a walk in the park. Companies dealing with this audit must grapple with a number of hurdles. The SOC 2 standard establishes five trust pillars that must be evaluated: Security, Availability, Confidentiality, Integrity, and Compliance. Each of these areas requires thorough preparation and documentation to meet the requirements.
The actual costs of a poorly conducted SOC 2 audit are enormous and can run into millions. There are not only direct costs such as fines and audit fees. There are also indirect costs, such as the time invested in correcting issues and the potential loss of customers due to a lack of trust. A serious error, such as the absence of damage management plans, can lead to a company being unable to protect its sensitive data, thereby losing the trust base with its customers.
An example of this is the reputational damage that a company can suffer due to the disclosure of customer data. The costs can be particularly high from a business perspective, as the trust that a company has built in the eyes of its customers is difficult to restore. Furthermore, a violation of data protection regulations, such as the GDPR, can lead to additional fines of up to 4% of annual revenue.
However, most organizations often make mistakes when preparing for the SOC 2 audit. They underestimate the complexity of the requirements and overlook the need for thorough documentation and internal reviews. They also forget the importance of regular audits to ensure that the implementation of security measures remains up to date and that compliance can be verified.
Why This is Urgent Now
The urgency to consider SOC 2 consulting and support is greater than ever today. Recent regulatory changes, such as the NIS2 directive and the attention being drawn by European financial regulators to information security, have further increased the importance of SOC 2 audits. Customers also expect their financial service providers to demonstrate their data protection and compliance practices more strongly.
The competitive advantage that comes with a successful SOC 2 certification is significant. Companies that can demonstrate their compliance and security can gain customer trust and are better positioned in the market. At the same time, there is the risk that companies that cannot prove they meet the required standards will lose their market position and may even have to shut down.
The gap between companies that successfully conduct their SOC 2 audits and those that struggle is still considerable. Many organizations are not fully aware of how to plan and conduct a successful SOC 2 audit and what is necessary for implementing the required security measures. Therefore, it is important that you equip yourself with the best consulting firms and tools to take the necessary actions and ensure compliance.
In the following sections of the article, we will delve deeper into the specific aspects you should consider when selecting a suitable consulting firm for your SOC 2 audit. We will also discuss the tools and resources that can help facilitate the process and increase the likelihood of a successful audit.
The Solution Concept
SOC 2 consulting is about ensuring a company's compliance with the requirements of the SOC 2 standards. A step-by-step approach is crucial for success. First, an understanding should be developed of which areas of the system and organization controls (SOC 2) are relevant. This includes the five main categories: Security, Availability, Confidentiality, Processing Integrity, and Privacy.
The implementation of these standards should occur in several steps. First, a risk assessment should be conducted to identify and evaluate vulnerabilities in the IT system. This should be in accordance with Article 32 of the GDPR and the IT baseline protection guidelines (IT-Grundschutz). Subsequently, these risks should be assessed and prioritized before developing a comprehensive compliance management system. Care should be taken to ensure that all aspects of data processing and storage are considered to ensure proper implementation of the SOC 2 standards.
A good level of compliance means not only passing a SOC 2 audit but also continuously making adjustments as risks or threats change. This includes regular audits to ensure that the implementation of the standards is always current and effective. In contrast, it is often sufficient to meet only the minimum requirements to pass the audit, which does not guarantee long-term security or compliance.
Common Mistakes to Avoid
There are some common mistakes that organizations make in SOC 2 consulting:
Incomplete Risk Assessment: Companies often believe they have identified all risks when they only consider the most obvious or largest risks. This can lead to smaller but potentially catastrophic risks being overlooked, which could impact operations or data security.
Lack of Documentation: Documentation is often seen as time-consuming and uninteresting, which can lead to problems in reviewing and validating the implementation of the standards. Careful documentation is crucial to prove compliance with the standards and maintain the integrity of the overall compliance strategy.
Insufficient Training and Awareness: Employees of an organization are a critical component of compliance. If they are not adequately educated about the SOC 2 standards and their role in compliance, this can lead to misconduct or non-compliance with policies.
Lack of Regular Reviews and Testing: Many organizations put all their efforts into initial implementation but forget to regularly review and test the measures taken to ensure they remain effective and up to date.
Instead of making these mistakes, a continuous process of assessment, monitoring, and adjustment should be established to maintain and improve compliance with the SOC 2 standards.
Tools and Approaches
SOC 2 consulting can be conducted in various ways. Each method has its own advantages and disadvantages, and the choice of the right one depends on the specific requirements and resources of the organization.
Manual Approach: This can be cost-effective but increases the risk of errors and requires a lot of time and personnel to cover all aspects of compliance. It works well for smaller organizations or those that are still in the early stages of their compliance strategy, but it can quickly become unmanageable for larger or more complex systems.
Spreadsheet/GRC Approaches: Using spreadsheets or Governance, Risk, and Compliance (GRC) tools can facilitate the management of some aspects of compliance. However, these approaches have their limitations, as they often cannot fully and accurately capture all the complex requirements of the SOC 2 standards. They are useful for organizational support, but they should not be seen as the sole solution.
Automated Compliance Platforms: These offer a more efficient and accurate method for managing compliance with the SOC 2 standards. They can perform automated risk assessments, manage documentation, coordinate training measures, and conduct regular reviews and tests. When selecting an automated compliance platform, look for features that meet the specific needs of the organization, such as integration with existing systems, support for multiple standards, and the ability to manage all relevant data and documents in one central location.
In this context, it is important to highlight Matproof, a compliance automation platform specifically designed for the needs of EU financial services that includes SOC 2 consulting. Using AI, they can create risk-based policies and collect automated evidence from cloud providers, making compliance processes more efficient and accurate. However, it should be emphasized that automation is not always the best solution for all aspects of compliance. Some processes are better covered manually or with minimal automation, especially when it comes to human judgment or interaction with external partners. The decision for a particular method should always be based on a careful assessment of the specific requirements and resources of the organization.
Getting Started: Your Next Steps
To get started with SOC 2 consulting and the audit, it is advisable to follow the following 5-step plan that you can implement this week:
Clarify the Basics: Read the publications from the EU and BaFin regarding the requirements for information security and compliance. The BaFin guidelines for IT security policies are an important component.
Compliance with Standards: Assess your current IT infrastructure and processes for compliance with SOC 2. Identify vulnerabilities and areas that need revision.
Seek External Support: If you are uncertain or need specific expertise, look for an external consulting firm that specializes in SOC 2 consulting and support.
Engage Your Team: Create an interdisciplinary team responsible for implementing the SOC 2 requirements. A clear communication protocol is crucial.
Take Initial Steps: Focus on quick wins, such as implementing a data protection officer or introducing an incident response plan.
At this point, you can also visit the Matproof website to learn more about their compliance automation platform that can assist you in implementing the SOC 2 standards.
Frequently Asked Questions
How long does a SOC 2 audit take?
A SOC 2 audit can take several weeks to months, depending on the scope and complexity of the examinations and the documentation provided. It is important to plan in advance and organize all relevant data and processes to minimize the duration of the audit.
What role does the General Data Protection Regulation (GDPR) play in the SOC 2 audit?
The GDPR is a central element of the SOC 2 audit as it dictates how personal data is processed. Control over data processing must comply with GDPR requirements, which are examined as part of the SOC 2 audit.
What types of SOC 2 reports are there?
There are two main types of SOC 2 reports: SOC 2 Type 1, which examines a snapshot of the system and organization controls (SOC) at a specific point in time, and SOC 2 Type 2, which assesses the effectiveness of the SOC controls over a specific period.
How can I ensure that my company complies with SOC 2 standards?
To comply with SOC 2 standards, it is necessary to have a comprehensive compliance plan that covers all requirements. This includes implementing security policies, regularly training staff, monitoring and assessing risks, and continuously reviewing and updating processes.
Are there financial incentives for implementing SOC 2 standards?
Depending on your location and industry, financial incentives may be available. In the EU, there are programs that assist small and medium-sized enterprises in implementing security standards. It is advisable to research such funding opportunities and possibly seek external consulting to achieve the best possible results.
Key Takeaways
In summary, you can draw the following points from this article:
- SOC 2 consulting is crucial for the success of your audit.
- Collaborating with experienced consultants can significantly ease the audit process.
- Compliance with SOC 2 standards is not just a compliance obligation but can also protect your business from cyber threats.
- Quick wins, such as appointing a data protection officer, can help get the ball rolling.
- Matproof offers a compliance automation platform that can assist you in implementing the SOC 2 standards. If you would like a free assessment, visit https://matproof.com/contact.