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Vendor Assessments: SOC 2 Report vs Security Questionnaire 

By Mindsec Staff 15 March, 2024

Essentially, both SOC 2 reports and Security Questionnaires serve the same purpose. They each demonstrate your security posture to potential partners and clients. So, what do they have in common, how do they differ, and what happens when a potential partner or client makes the request? 

 

SOC 2 

Established by the American Institute of Certified Public Accountants (AICPA), SOC 2 outlines standards for safeguarding sensitive data from unauthorized access, security breaches, and more. Businesses partnering with SOC 2 compliant entities can trust in the security of their data.  

SOC 2 entails a third-party validation performed by a certified CPA. This process includes an audit based on defined criteria and requires periodic updating. Basically, a SOC 2 report provides an external auditor’s confirmation of how your organization’s security controls operate, thereby fostering trust between you and your clients. 

 

Security Questionnaires 

Comprised of a list of questions evaluating an organization’s security and privacy practices, security questionnaires aid in assessing vendor risk, forming a crucial aspect of companies’ due diligence. It is common for many organizations to request these before forming partnerships with new vendors since the completion of these questionnaires assures partners that their data will be safeguarded, they are essentially part of the vendor assessment process. In other words, through self-reported assessments, you provide details about your security and privacy programs to address your potential customers’ concerns about third-party risks.  

 

Can a SOC 2 Report Help You Skip Security Questionnaires?  

Completing security questionnaires can prove to be a resource and time-intensive request. Each questionnaire possesses its unique set of questions, often numbering in the hundreds. When faced with numerous questionnaires from potential clients, service organizations can easily feel overwhelmed. 

To streamline this process, many businesses opt to provide a SOC 2 report, offering an independent evaluation of their security measures and control framework instead of responding to individual questionnaires. However, it’s essential to ascertain your clients’ preferred method for validating security measures.  

In many instances, an updated SOC 2 report can effectively address most aspects of a security questionnaire. This is because security questionnaires often encompass controls covered within the SOC 2 compliance framework. For instance, inquiries regarding information security policies, disaster recovery plans, and incident response protocols are commonly included in both. Consequently, and contingent upon your clients’ preferences, having a SOC 2 report can expedite or even replace the questionnaire process, effectively streamlining the compliance process for both parties. 

Click here to reach one of our Mindsec experts and learn how we can simplify your compliance journey. 

Mindsec Staff

Mindsec staff