What is the Benefit of a SOC 2 Report for a Small Business or SaaS Provider?

Video Transcript

Below is a transcript of the conversation between Tim Mekrakarn, Co-Founder of Bright Defense, and Ryan Johanson, Owner of Johanson Group, LLP.

Tim: “What is the benefit of a SOC 2 report for a small business or SaaS provider?

Ryan: “The benefit really is, as you’re heading out into the marketplace, a lot of clients or your future customers are going to be looking for a SOC 2 report. They want to know right off the bat if you are someone that they can share sensitive information with. So, a lot of times, you’ll get further along in the deal.

You think everything’s going well, you have your champion, and then you get right near the very, very end, and they run it over through their IT department. And they’re like: Well, let’s qualify the vendor. And where’s their SOC 2? And you’re like: Yeah, I don’t have one.

And so it it can kill the deal. Sometimes they’ll let you delay it and put as part of the contract, but they’re really expecting one right off the bat.”

Tim: “Yeah. We run into a lot of customers that need SOC 2 now, or they’re not going to get this big deal. And so, having that proactive nature is definitely something that we’re all advocating for, right?”

Ryan: “Yeah, people don’t realize how long it takes to get there. Because they’re going to be looking for SOC 2 Type II, which the minimum audit period is three months.

So you have some setup phase and getting all the controls set up, and then three months of operation. And then it takes us 4 to 6 weeks to perform the audit. So you’re probably looking at a 6 to 7-month process just to get your report in hand to close that deal. So, it’s it’s way better to start sooner rather than later.”

Tim: “Yeah, for sure. Definitely.”

About Bright Defense

Bright Defense is defending the world from cybersecurity threats through continuous compliance.

We understand that compliance is more than just checking boxes. It’s about minimizing the financial risk and reputational harm from a data breach. It’s also about assuring your clients, stakeholders, and employees that you are conducting business with the greatest commitment to security and data integrity.

Bright Defense combines technology, expertise, and a customer-centric approach into a continuous compliance service that meets your unique business needs. Our monthly engagement model delivers a robust cybersecurity program that allows you to meet compliance frameworks, including SOC 2, ISO 27001, HIPAA, PCI, and CMMC.

Once compliance certification is achieved, we constantly enhance your security program to keep up with the evolving threat landscape and compliance standards. Our compliance automation toolset powered by Drata gives you complete visibility into your compliance status while saving you time and money.

About Johanson Group, LLP

With team members working from around the globe, the Johanson Group is ready to serve the compliance needs of companies from any corner of the world. Experienced in SOC 1,2,3, HIPAA examinations and ISO 27001 certifications, we offer various services tailored to meet each client’s individual needs. Our ultimate aim is to provide all our customers with the highest quality care and support in achieving whatever security posture is best for them.