SOC1 is Financial Reporting Focus and normally companies operating in Payroll processors, billing platforms, loan servicing companies area do that.
SOC2 is more around securities and operations focussed. Its more around trust of customers. Companies operating in these areas generally go for SOC2 - SaaS platforms, fintechs, cloud providers, healthtech systems. These are also type 1 - as of point and type 2 - Over a period. usually people go for type 2.
SOC3 is public sharable version of SOC2. SOC2 is normally is a big report which is generally not shared externally . kind of trust badge.
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SOC 1 is a financial audit report, SOC 2 is a security and controls report and SOC 3 report is similar to SOC 2 drafted to be presented to a general audience.
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SOC1 is Financial Reporting Focus and normally companies operating in Payroll processors, billing platforms, loan servicing companies area do that.
SOC2 is more around securities and operations focussed. Its more around trust of customers. Companies operating in these areas generally go for SOC2 - SaaS platforms, fintechs, cloud providers, healthtech systems. These are also type 1 - as of point and type 2 - Over a period. usually people go for type 2.
SOC3 is public sharable version of SOC2. SOC2 is normally is a big report which is generally not shared externally . kind of trust badge.
The difference is how the data is given and exactly what information of the that data is given. And I love that it answered so many questions simply.
SOC 1 is a financial audit report, SOC 2 is a security and controls report and SOC 3 report is similar to SOC 2 drafted to be presented to a general audience.