CFO Perspective: SOC 1, SOC 2, and SOC 3 Reports - What Should Be Known and What Is the Purpose?

This IDC Perspective provides a comprehensive overview of SOC 1, SOC 2, and SOC 3 reports, detailing their purposes, differences, and applications in ensuring compliance and maintaining trust in financial and IT security. It emphasizes the importance of these reports in mitigating risks associated with service providers, influenced by historical financial and data breaches. The document serves as a guide for CFOs and CIOs/CTOs to understand how these reports can support compliance with various regulations and enhance cybersecurity resilience."Understanding SOC reports is crucial for safeguarding financial integrity and customer trust in an era of increasing digital vulnerabilities." - Heather Herbst, research director, Worldwide CFO Tech Agenda, IDC