What's the difference between a SOC 1 and SOC 2 report?

SOC 1 vs SOC 2

SOC 1 Audits are focused on internal controls related to financial reporting (ICFR).

SOC 2 Audits are focused on information and IT security identified by any of 5 Trust Services Categories: security, confidentiality, information privacy, processing integrity and availability

SOC 1 Report will act as a reinforcement, ensuring a service organization has done its due diligence when it comes to the effects their service has on their customer’s financial reporting.

SOC 2 Report will act as a beacon of transparency and convey confidence to your customers, their auditors, investors and other stakeholders that you have appropriate controls regarding information security. This report conveys that a service organisation’s people, infrastructure, software, data-handling, and procedures are prepared to handle their customer’s information and data and protect it accordingly.