SOC 2 isn’t just a one-and-done task. Many of the costs listed below are recurring or constant tasks that will need to be performed as part of your new security posture.
Control implementation, a risk assessment, and managing an audit requires at least foundational knowledge of SOC 2 compliance. If you opt for a software-only solution to assist on your SOC 2 journey, it’s likely you’ll need to hire a compliance expert consultant to help the process along.
CISO Cost: $550/hr
CISA Cost: $200/hr
Depending on the complexity of your controls and the necessary experience level of your consultant, the cost will vary.
Policy Templates and Writing
If you don’t have in-house counsel or compliance experts, you’ll need to outsource some paperwork to a legal firm. This includes any new policies you’ll need to author, like risk mitigation, privacy policies, formal business continuity plans, etc.
Time: 2 weeks
Depending on which external party handles your audit, you may be able to outsource review of the documents to them as well.
A requirement for SOC 2 is security awareness training for employees. You’ll need to develop the training yourself or outsource; either way, it’ll likely cost time and money to create and execute the training.
Time: 2 weeks
Cost: $1,000/50 employees
The average associated cost depends on the size and maturity of your business, as well as the type of data you handle.
On-going SOC 2 Requirements
A major component for SOC 2 compliance is choosing your vendors, executing due diligence to ensure they are also SOC 2 compliant, or building your own solution to be compliant as needed.
Some of these vendors include endpoint security, logging and monitoring tools, password management, hiring and termination tools and processes, and security awareness training. The cost below is broken down into estimates for each vendor:
Cost: $190 for 5 licenses
Employee background checks
Cost: $20-$100/per hire
SOC 2 compliance can quickly get very expensive. And it can be difficult to calculate your budget when considering multiple factors, from internal productivity loss to audit firms and vendors. However, SOC 2 is only becoming more imperative to do business.