SOC 2 Compliance: A View Into Benefits, Challenges, and Cost

By Roger Lauger

In today's digital age, where data privacy and security are top concerns for businesses, obtaining SOC 2 compliance has become a crucial aspect of operations. To gain insights into how companies can navigate a SOC 2 compliance journey, we spoke with Roger Lauger, chief administration officer at TEAM Concept Printing. This is the second installment of our Print Secure series featuring TEAM Concept Printing.

Can you briefly describe the differences between SOC 2 Type 1 vs SOC 2 Type 2?

Roger Lauger: For Type 1 we are focused on data security, our IT infrastructure, and some finance elements. It is not as much customer facing. In SOC 2 Type 2, which we are about to begin soon, it is more about our physical security, building security, direct customer information and day-to-day operations. I would say that Type 2 of the SOC 2 compliance will create even more awareness and urgency throughout our company.

What challenges did you face during the initial stages of your SOC 2 compliance journey?

Lauger: The most significant challenge was understanding the requirements and scope of the SOC 2 framework. We had to conduct a thorough assessment of our systems, policies, and procedures to identify any gaps that needed to be addressed. It was a time-consuming process, but it helped us establish a strong foundation for our compliance journey.

How did you overcome those challenges?

Lauger: We sought help from external consultants who specialize in SOC 2 compliance. We partnered with Oppos. They are experts in cybersecurity services and focus on helping small to medium companies achieve and maintain compliance. As part of their service offering, they deliver training and implementation of critical programs such as security awareness, risk management, incident management, and vendor risk management, as well penetration testing and vulnerability scanning.

They also provided valuable insights and guidance on how to interpret the framework's requirements and implement necessary controls. Additionally, we involved all departments within our company to ensure everyone understands the importance of their role in achieving SOC 2 compliance.

What advice would you give to other companies embarking on their SOC 2 compliance journey?

Lauger: My advice would be to start early and involve all relevant stakeholders from the beginning. Although I am the main quarterback for this now, as we move forward to the next phase, I will need to develop smaller working groups within our facility. Also, understanding the requirements and scope of the framework is crucial, so seeking external expertise can be beneficial. It's also essential to continuously review and update your controls to ensure ongoing compliance.

Have you witnessed any early benefits to the first phase of SOC 2?

Lauger: From a commercial side and new work won, yes. The additional securities give our clients the comfort level to trust us with sensitive data projects. I have seen this process help us really examine different admin aspects and security protocols of our company. The initial reviews have brought a lot of collaboration between different department heads. Our internal control processes have improved because of the Type 1process.

Throughout this first phase, what has the time commitment been?

Lauger: For stage one of SOC 2, I estimate it has been 15 to 20 hours per week for eight months. Those hours have been split between me and our IT Support group.

What did Phase 1 Cost?

Lauger: This is a six-figure investment. We are tracking our time, third party support, and certifications/licenses. But like all of our other investments that TEAM has made into the business over the past 25 years we believe it will pay off and ultimately help us better serve all of our customers. Being SOC 2 Certified will build upon our already solid reputation. It enhances credibility and trustworthiness. Investors and large corporate Customers often view organizations with SOC 2 compliance as more reliable and secure, which can boost their confidence in a provider.

Obtaining SOC 2 compliance is a crucial step for businesses in today's digital landscape. By following the insights shared by Roger Lauger from TEAM Concept Printing, companies can gain an understanding of the challenges they may face during their compliance journey and how to overcome them successfully. Continue to follow the company's Print Secure channel as we learn from Roger and TEAM Concept Printing.

To learn more about TEAM Concept Printing visit www.teamconceptprinting.com.