When you’re asked to undergo a SOC 2, your potential buyer may be looking for you to show your organization can shoulder significant financial and organizational responsibility. A company that can execute on a compliance program is more likely to be a secure host of customer data, the logic goes.
Typically, audit fees range from $20k to $45k for the SOC 2 report itself, but there are many costs beforehand.
Most companies engage audit firms for a “readiness assessment” – a playbook a later audit, and those begin at $10k and scale with company size.
You may choose to buy security tools during your first compliance process, like background checks on employees or laptop management software to verify the configuration of employee laptops.
Many companies outsource some of the preparation work, like writing security policies and determining appropriate practices, to a trained consultant. This work is generally billed at $100-200/hour.
You’ll pay non-financial costs too: an auditor will likely visit your office for the audit, and your engineering team’s leadership will need to explain your company’s security and engineering practices. These office visits take full days – even weeks for large companies.
In preparing for the audit, individual engineers are often tasked with the pre-work of reviewing security practices, changing configuration, and gathering records (e.g. screenshotting dashboards or pulling log files) that prove your practices. Some companies distribute this burden to other departments, but because a SOC 2 focuses on technical security, engineering’s involvement is inevitable.
Audits are typically conducted annually, which means incurring these costs each year.
With Vanta, your company pays for Vanta software and auditor fees:
Vanta has built a dashboard tracking audit readiness
The core of Vanta’s product is a dashboard that gives an up-to-date view on security practices across your business. You’ll have instant feedback on what’s looking good – and what could be touched up. By the time you speak with an auditor, your systems will be airtight.
Vanta offers tools to close security gaps
Every company needs to change something before their audit, from writing down de facto policies to changing AWS or GCP configurations. Vanta offers tools and guidance, like policy documents, laptop monitoring, and vulnerability management, that help companies close gaps faster.
Vanta allows your company to spend less time on the auditor
Your auditor will have access to Vanta ahead of time and will understand your system. This limits the back-and-forth that’s needed and allows your team to answer specific questions from the auditor, rather than your team needing to bring the auditor up to speed on every detail of your system.
Security and compliance become threads running in the background
What used to be a costly and time-consuming process of proving system configuration over time transforms into an automated background thread of your business — saving you time and money in comparison with typical SOC 2 audit processes.