As a startup founder, you have probably experienced the whirlwind of innovation, discoveries, excitement, and let’s be real, a fair share of challenges. But, have you given thought to your customers’ data and how it is collected, stored and secured? Cyberthreats and data breaches are on the rise, and are growing more advanced by the day. The last thing you need is to be caught off guard. It can be a costly mistake. Not only could your start-up be facing a loss of tens of millions, but your reputation could take a hard knock, and you could lose the trust and confidence of your customers and stakeholders.

But, fear not, there is a solution. Enter SOC 2 compliance.  While it may not seem like the quickest and easiest task, its benefits are boundless. And the thing is, if it’s done right and with the right tools in place, the process can actually be seamless and painless. As a start-up, you want to have all your ducks in a row. So, let’s discuss SOC 2 compliance and why it matters, especially for a new and budding business.

A Quick Rundown on SOC 2

SOC 2 stands for Service Organization Control 2. It is a compliance framework created by the American Institute of Certified Public Accountants (AICPA). It outlines the policies and protocols  companies should have in place to safeguard their customers’ data. Think of it like a comprehensive checklist or playbook that keeps you in check, ensuring all the right security measures are in place.

To get SOC 2 attestation, your business’s security controls are put under the microscope to assess whether you’re taking the safety and security of your customers’ data seriously. This assessment revolves around five Trust Service Criteria (TSC): security, availability, processing integrity, confidentiality, and privacy. 

Here’s a quick rundown on the five Trust Service criteria and what they’re all about:

1. Security: Making sure your systems are defended against unauthorized access, both physical and digital. And that you have solid measures in place, like firewalls and intrusion detection.
2. Availability: Ensuring that your services are constantly up and running as promised.This is especially important for industries where downtime is just not an option.
3. Processing Integrity: Ensuring complete, accurate, and timely data processing. This is crucial for industries working with numbers (like finance), where precision is key.
4. Confidentiality: Protecting data that is meant to be kept confidential. This involves restricting data access to unauthorized individuals and implementing strong measures like encryption and access control to prevent breaches.
5. Privacy: Management of personal data is handled in line with privacy regulations, defining how, when, and why user information is used, stored, and shared.

Top 5 SOC 2 Compliance Software for Startups

1. Scytale

If you’re looking for the gold standard for B2B startups, look no further than Scytale. Specializing in SOC 2 compliance tailored to the unique needs of smaller companies, they stand out from the SOC 2 compliance crowd. With an intuitive interface and hands on guidance from their in house compliance experts, the daunting task of tackling SOC 2 compliance becomes far less overwhelming. Scytale’s compliance experts will hold your hand every step of the way, offering practical tools and efficient solutions, making for the complete compliance package.

What really sets Scytale apart are their standout features, like automated evidence collection, continuous control monitoring, a customer policy builder and seamless integration with popular tools. These features simplify the complex process and significantly reduce the manual workload. With real time monitoring and policy management tools, startups can be confident when the audit rolls around, knowing that everything the auditor needs is ready and available in one place. 

2. OneTrust

OneTrust is a versatile compliance software solution renowned for its robust features in data privacy and security compliance. The platform offers extensive tools for automated evidence collection, continuous monitoring, and policy management, all essential for SOC 2 compliance. OneTrust’s comprehensive feature set supports organizations in maintaining ongoing compliance and preparing for audits efficiently. However, the platform’s complexity can require significant training and support for new users, which may be a consideration for smaller businesses with limited resources.

However, OneTrust may best suit larger, more well-established enterprises with an in-house compliance or security team. The depth of functionality and scaling capability may be too much for small startups. This necessary complexity may result in increased costs later on.

3. Tugboat Logic

Tugboat Logic, now owned by OneTrust, are a great choice for SOC 2 compliance. Their platform focuses on compliance automation, simplifying the compliance process through their streamlined data management processes. Features like automated evidence collection, risk assessment tools, and audit readiness capabilities make the compliance journey as straightforward as possible, helping companies stay on track. Small to medium sized businesses would find TugBoat Logic’s guided workflows and templates beneficial as they offer clear, step-by-step assistance throughout the process.

However, users have noted that their customer service is lacking in some areas. Tugboat Logic recently moved over to a separate support portal, meaning customers aren’t getting assistance as timeously as they might need.

4. Zen GRC 

Zen GRC is a cloud-based platform, popular for their robust all-in-one hub. From centralizing compliance, audits and risk management, to third-party risk, governance, and policy programs, it’s a true GRC one-stop-shop. 

It’s praised for being fully-customizable and flexible, with the ability to tailor GRC processes to meet each company’s unique needs. This adaptability makes Zen GRC a good option for companies with complex compliance requirements. By offering a flexible framework, they can scale and evolve with the company.

It is worth mentioning, however, that Zen GRC may not be ideal for companies that heavily depend on Jira. Some clients have reported syncing issues and expressed that a more robust Jira integration would have made their compliance process more seamless.

5. Apptega

Apptega simplifies SOC 2 compliance with its robust suite of tools for policy management, risk assessment, and continuous monitoring. The platform’s comprehensive reporting and audit readiness features streamline the compliance process, making it easier for organizations to prepare for audits and achieve their compliance attestation. Apptega’s user-friendly interface and feature set make it a reliable choice for businesses of all sizes looking to achieve and maintain SOC 2 compliance. This combination of ease of use and comprehensive functionality makes Apptega a strong contender in the compliance software market.

It is worth noting, however, reviews have shown that users feel that Apptega’s integration capabilities are limited. For companies relying on multiple tools, they may find this to be a hindrance as the lack of integration can slow down the compliance process, making it less streamlined.

Time to Get SOC 2 Ready!

So, there you have it. As a start-up, it is important to put your best foot forward from the get-go. While SOC 2 may not be required by laws and regulations, it is the gold standard to prove to your customers that you value their safety, privacy, and security. And now you know that it has a bunch of benefits far beyond safeguarding data, it solidifies your reputation, builds trust with customers and stakeholders, opens the door to new opportunities, and is the ultimate investment into the long-term success of your company. So, what are you waiting for?