With the constant threats of data breaches and cyber attacks, Service Organization Control (SOC) 2 audits represent one of the many realities of healthcare. Hospitals and patients who rely on your company’s products or services want to know that their protected health information (PHI) is safe. To this end, a SOC 2 report can go far in communicating your assurances of cybersecurity and patient safety. To maintain your organization’s reputation and understand the positive influence of a SOC 2 report, you’ll want to know what is required for SOC compliance.
Why Does My Business Need to Know about SOC 2 Audit Requirements?
You may ask, “What is SOC 2 compliance, and why does my business need it?” Technically, SOC 2 is not a strict obligation for third-party vendors like the Health Insurance Portability and Accountability Act (HIPAA). However, SOC 2 audit requirements incorporate Trust Services Categories (TSCs), encompassing best practices for processing, managing, sharing, and storing PHI and other consumer data. What SOC 2 compliance communicates is your company’s commitment to the most rigorous standards in healthcare cybersecurity and patient privacy.
There are two types of SOC 2 controls:
- A Type 1 audit determines how well you’ve correctly designed and implemented your security measures. The final report from this audit will take several weeks to arrive
- A Type 2 audit typically lasts 3-12 months and assesses whether the controls work as intended
Whether your company undergoes a Type 1 or 2 audit, your report will reflect your adherence to the following standards of PHI protection:
- Availability: Ensuring the systems are operational when users need them and reducing interruptions and downtimes
- Confidentiality: Protecting PHI and other sensitive information from data breaches and attacks
- Integrity: Maintaining proper functioning of the system and confirming its timeliness, accuracy, and validity
- Privacy: Following robust protocols for storing, disposal, and sharing of PHI to maintain patient and client privacy
- Security: Using password protection, encryption, and other security controls to prevent unauthorized access to sensitive data
Rely on SOC 2 Readiness Software
Although SOC 2 isn’t a federal mandate, more businesses are getting requests for a SOC 2 audit report to show their compliance with privacy and security standards. Demonstrating adherence to these standards is a positive step toward maintaining the trust of your customers, business partners, and stakeholders.
As you prepare for your SOC 2 audit requirements, you should know that SOC 2 standards have ramped up in recent years. You’ll want to prepare for in-depth assessments of storage and backup systems and evaluations of privacy measures, including data encryption and access controls. Also, expect to provide detailed explanations of identified risk areas and your efforts to prioritize resources for risk mitigation.
Knowing what is required for SOC 2 compliance entails meticulous record-keeping and constant tracking of employee activities. A comprehensive software package to automate some tasks can help you divert attention to more complex responsibilities.
Software from Compliancy Group can help your company prepare for SOC 2 auditing through various features and functions. We also provide online training modules to meet your individual employees’ needs. Contact us today to learn how our compliance software can get you ready for your next SOC 2 audit.
