What is the primary objective of **SOC 2**?

**The primary objective of SOC 2 is to provide independent assurance that a service organization's controls meet the Trust Services Criteria (TSC) for security, availability, processing integrity, confidentiality, and privacy.** Developed by the AICPA, SOC 2 evaluates systems handling customer data, with Security (CC1-CC9) as the mandatory common criteria. Type 2 reports assess both design and operating effectiveness over 3-12 months, enabling SaaS providers and cloud firms to demonstrate robust data protection to enterprise clients.

Who is legally or professionally required to comply with **SOC 2**?

**No organization is legally required to comply with SOC 2, as it is a voluntary AICPA framework driven by market demands from enterprise customers.** It professionally targets service organizations like SaaS, PaaS, IaaS, fintech, and HR tech firms that store, process, or transmit customer data. Enterprises mandate SOC 2 Type 2 reports in RFPs and MSAs for vendor risk assessments, particularly for deals exceeding $5,000 ACV, disqualifying non-compliant vendors.

Does **SOC 2** require an external audit or third-party certification?

**Yes, SOC 2 requires an external audit by an independent AICPA-accredited CPA firm to issue Type 1 or Type 2 attestation reports.** Type 1 verifies control design at a point in time; Type 2 tests operating effectiveness over a minimum 3-month period via sampling, walkthroughs, and evidence review. No formal certification exists—reports provide the assurance, with unqualified opinions signaling compliance.

How often should an assessment for **SOC 2** be performed?

**SOC 2 Type 2 assessments should be performed annually to cover a full 12-month period and maintain continuous assurance.** Bridge letters from management can extend validity up to 3 months between audits if no material changes occur. Type 1 is point-in-time and less frequent, but enterprises demand fresh Type 2 reports for vendor onboarding.

What are the consequences of non-compliance with **SOC 2**?

**Non-compliance with SOC 2 results in lost enterprise deals, extended sales cycles, and heightened breach liability rather than direct AICPA fines.** Vendors without Type 2 reports face RFP disqualification, 3-6 month deal delays, 20-50% higher CAC, and custom audits. Breaches without documented TSC controls amplify damages under SLAs, potentially exceeding $1M per incident, plus reputational harm.

An **SOC 2** be mapped to other international frameworks?

**Yes, SOC 2 maps effectively to frameworks like ISO 27001 (80%+ control overlap), NIST CSF, GDPR, and HIPAA via AICPA spreadsheets.** Common Criteria (CC1-CC9) align with ISO Annex A domains, NIST Govern/Detect functions, and GDPR privacy principles, enabling unified evidence collection and multi-compliance efficiency without dual audits.

What is the first step to begin implementing **SOC 2**?

**The first step to implement SOC 2 is a scoping exercise and gap analysis against the Trust Services Criteria, starting with mandatory Security (CC1-CC9).** Define in-scope systems, data flows, and optional TSC (e.g., Availability for SLAs); engage a CPA for readiness assessment ($5-10K) and inventory assets using tools like Vanta for control mapping.

What is the primary objective of **ISO 55001**?

**ISO 55001 specifies requirements for establishing, implementing, maintaining, and continually improving an Asset Management System (AMS) to realize value from assets.** It follows Annex SL structure and PDCA cycle across Clauses 4-10, linking organizational context (Clause 4) to the **Strategic Asset Management Plan (SAMP)** (Clause 6), operational controls (Clause 8), and performance evaluation (Clause 9). The 2024 revision emphasizes decision-making frameworks (Clause 4.5), climate change relevance (Clause 4.1), and balancing performance, risks, costs over asset lifecycles.

Who is legally or professionally required to comply with **ISO 55001**?

**ISO 55001 is voluntary but professionally essential for asset-intensive organizations across sectors like utilities, transport, manufacturing, and infrastructure.** It applies to any entity managing physical assets to meet objectives, with no mandated employee/revenue thresholds. Top management (Clause 5) must demonstrate commitment, particularly in regulated environments where certification signals governance maturity to stakeholders, regulators, and clients.

Does **ISO 55001** require an external audit or third-party certification?

**ISO 55001 does not require external audits or third-party certification, as it is a voluntary standard.** Organizations may pursue certification via accredited bodies through Stage 1 (document review) and Stage 2 (implementation audit), followed by annual surveillance and triennial recertification, to demonstrate AMS conformity (Clauses 9-10) and gain market credibility.

How often should an assessment for **ISO 55001** be performed?

**ISO 55001 requires internal audits at planned intervals (Clause 9.2) proportionate to risks, with management reviews at least annually (Clause 9.3).** Frequency depends on context, changes, and performance; high-risk portfolios demand quarterly KPI reviews and more frequent audits to evaluate AMS suitability, adequacy, and effectiveness.

What are the consequences of non-compliance with **ISO 55001**?

**Non-compliance with ISO 55001 risks operational failures, regulatory breaches, financial losses, and reputational damage, as it lacks legal penalties.** Poor AMS leads to asset failures, cost overruns, and missed value realization; certification absence may disqualify from contracts requiring proven governance.

An **ISO 55001** be mapped to other international frameworks?

**Yes, ISO 55001 aligns with other management system standards via Annex SL high-level structure.** Its PDCA mapping (Plan: Clauses 4/6; Do: 7/8; Check: 9; Act: 10) enables integration of AMS into existing systems, reusing elements like document control, audits, and leadership without duplication.

What is the first step to begin implementing **ISO 55001**?

**The first step is determining organizational context (Clause 4), including internal/external issues, stakeholders, scope, and asset portfolio.** This informs the **SAMP** development, ensuring alignment with objectives; conduct a gap analysis against Clauses 4-10 next.

SOC 2 vs ISO 55001

Standards Comparison

SOC 2

Voluntary

2010

AICPA framework auditing service organizations' trust controls

ISO 55001

Voluntary

2014

International standard for asset management systems.

Quick Verdict

SOC 2 provides data security assurance for tech service providers via AICPA audits, while ISO 55001 establishes asset management systems for infrastructure firms through certification. Companies adopt SOC 2 for enterprise sales trust; ISO 55001 for lifecycle value and regulatory compliance.

Cybersecurity / Trust

SOC 2

System and Organization Controls 2 (SOC 2)

Cost

€€€€

Complexity

High

Implementation Time

6-12 months

Key Features

Five Trust Services Criteria with mandatory Security
Type 2 reports test operating effectiveness over time
Flexible scoping tailored to service offerings
Independent AICPA CPA firm attestation reports
Significant overlap with ISO 27001 controls

Asset Management

ISO 55001

ISO 55001:2024 Asset management — Management systems requirements

Cost

€€€€

Complexity

High

Implementation Time

12-18 months

Key Features

Strategic Asset Management Plan (SAMP) requirement
Annex SL structure for integration with other standards
Formal asset decision-making framework
PDCA cycle for continual improvement
Outsourcing and change management controls

Detailed Analysis

A comprehensive look at the specific requirements, scope, and impact of each standard.

SOC 2 Details

What It Is

SOC 2 (System and Organization Controls 2) is a voluntary AICPA framework assessing service organizations' commitments to Trust Services Criteria (TSC) for security, availability, processing integrity, confidentiality, and privacy. It uses a control-based, risk-assessed approach with Type 1 (point-in-time design) and Type 2 (operating effectiveness over 3-12 months) reports.

Key Components

Five **TSCSecurity (mandatory, CC1-CC9), Availability (A1), Confidentiality (C1), Processing Integrity (PI1), Privacy (P1-P11)
50-100 controls per scope, with redundancy (2-3 per category)
Built on COSO principles and 2017/2022/2023 TSC updates
CPA-attested reports aiming for unqualified opinions

Why Organizations Use It

Accelerates sales by satisfying enterprise due diligence (80-90% questionnaires)
Voluntary yet market-mandated for SaaS/cloud/fintech
Mitigates breach risks/liabilities (e.g., CCPA exposure)
Builds competitive moats, investor confidence, partnerships
Enhances trust with stakeholders via independent assurance

Implementation Overview

Phased: scoping/gap analysis (2-4 weeks), control deployment/automation (4-8 weeks), monitoring (3-12 months), CPA audit (1-2 months). Targets data-handling service orgs (startups to enterprises); tools like Vanta/Drata scale efforts. Annual recertification with bridge letters.

ISO 55001 Details

What It Is

ISO 55001:2024 is the international standard specifying requirements for establishing, implementing, maintaining, and improving an Asset Management System (AMS). It enables organizations to realize value from assets across lifecycles, applicable to any sector managing physical, infrastructure, or digital assets. It employs a risk-based, PDCA-aligned approach via Annex SL high-level structure for integration with other standards like ISO 9001.

Key Components

Clauses 4–10: context, leadership, planning (including SAMP), support, operation, evaluation, improvement
72 mandatory "shall" requirements
Core elements: decision-making framework, asset policy, objectives, outsourcing controls
Certification model through accredited third-party audits

Why Organizations Use It

Drives lifecycle optimization, cost savings, risk reduction
Meets regulatory, stakeholder demands; builds resilience
Enhances governance, breaks silos, boosts reliability
Provides competitive differentiation, certification credibility

Implementation Overview

Phased: gap analysis, SAMP development, training, process controls, audits
Targets asset-intensive industries (utilities, transport); scalable by size
Voluntary certification; 12–24 months typical (182 words)

Key Differences

Aspect	SOC 2	ISO 55001
Scope	Data security, availability, confidentiality, privacy	Asset lifecycle management systems, value realization
Industry	SaaS, cloud, tech, fintech globally	Utilities, infrastructure, manufacturing, transport
Nature	Voluntary AICPA attestation framework	Voluntary ISO certification standard
Testing	Type 2 audits over 3-12 months by CPA	Certification audits, surveillance, recertification
Penalties	No legal fines, lost business opportunities	No legal fines, certification loss, reputational risk

Scope

SOC 2

Data security, availability, confidentiality, privacy

ISO 55001

Asset lifecycle management systems, value realization

Industry

SOC 2

SaaS, cloud, tech, fintech globally

ISO 55001

Utilities, infrastructure, manufacturing, transport

Nature

SOC 2

Voluntary AICPA attestation framework

ISO 55001

Voluntary ISO certification standard

Testing

SOC 2

Type 2 audits over 3-12 months by CPA

ISO 55001

Certification audits, surveillance, recertification

Penalties

SOC 2

No legal fines, lost business opportunities

ISO 55001

No legal fines, certification loss, reputational risk

Frequently Asked Questions

Common questions about SOC 2 and ISO 55001

SOC 2 FAQ

ISO 55001 FAQ

You Might also be Interested in These Articles...

Top 5 Reasons NIST SP 800-53 Rev 5 Overlays Unlock AI Risk Management for Private Sector Enterprises in 2025

Top 5 reasons NIST SP 800-53 Rev 5 AI overlays unlock risk management for private enterprises. Tailorable controls combat model poisoning & data leakage. CISO i

CMMC Level 3 Implementation Guide: Integrating NIST SP 800-172 Enhanced Controls for APT Defense

Step-by-step CMMC Level 3 guide for DIB contractors. Implement 24 NIST SP 800-172 controls on Level 2. Prep for DIBCAC, C3PAO scoping & 180-day POA&Ms. Boost cy

HITRUST CSF MyCSF Platform Deep Dive: Automating Evidence Collection for Continuous R2 Renewal in Multi-Regulated Environments 2025

Unpack MyCSF's AI features for HITRUST CSF: automate evidence tagging, maturity scoring & monitoring for R2 renewals amid 2025 regs. CISOs in healthcare/fintech

Run Maturity Assessments with GRADUM

Transform your compliance journey with our AI-powered assessment platform

Assess your organization's maturity across multiple standards and regulations including ISO 27001, DORA, NIS2, NIST, GDPR, and hundreds more. Get actionable insights and track your progress with collaborative, AI-powered evaluations.

100+ Standards & Regulations

AI-Powered Insights

Collaborative Assessments

Actionable Recommendations

Check out these other Gradum.io Standards Comparison Pages

NIS2 vs CMMI

Compare NIS2 vs CMMI: EU cybersecurity directive's scope, reporting & fines meet CMMI's maturity levels for process excellence. Boost compliance & resilience now!

ISO 20000 vs AS9110C

ISO 20000 vs AS9110C: Compare IT service management excellence with aerospace QMS standards. Key differences in structure, risks, ops, and integration benefits. Optimize compliance now!

CE Marking vs GDPR UK

Confused by CE Marking vs GDPR UK? Uncover key differences in product safety marking and data protection rules for seamless UK market compliance. Avoid fines—expert guide inside.

SOC 2

ISO 55001

Quick Verdict

SOC 2

Key Features

ISO 55001

Key Features

Detailed Analysis

SOC 2 Details

What It Is

Key Components

Why Organizations Use It

Implementation Overview

ISO 55001 Details

What It Is

Key Components

Why Organizations Use It

Implementation Overview

Key Differences

Scope

Industry

Nature

Testing

Penalties

Frequently Asked Questions

SOC 2 FAQ

What is the primary objective of SOC 2?

Who is legally or professionally required to comply with SOC 2?

Does SOC 2 require an external audit or third-party certification?

How often should an assessment for SOC 2 be performed?

What are the consequences of non-compliance with SOC 2?

An SOC 2 be mapped to other international frameworks?

What is the first step to begin implementing SOC 2?

ISO 55001 FAQ

What is the primary objective of ISO 55001?

Who is legally or professionally required to comply with ISO 55001?

Does ISO 55001 require an external audit or third-party certification?

How often should an assessment for ISO 55001 be performed?

What are the consequences of non-compliance with ISO 55001?

An ISO 55001 be mapped to other international frameworks?

What is the first step to begin implementing ISO 55001?

You Might also be Interested in These Articles...

Top 5 Reasons NIST SP 800-53 Rev 5 Overlays Unlock AI Risk Management for Private Sector Enterprises in 2025

CMMC Level 3 Implementation Guide: Integrating NIST SP 800-172 Enhanced Controls for APT Defense

HITRUST CSF MyCSF Platform Deep Dive: Automating Evidence Collection for Continuous R2 Renewal in Multi-Regulated Environments 2025

Run Maturity Assessments with GRADUM

Check out these other Gradum.io Standards Comparison Pages

NIS2 vs CMMI

ISO 20000 vs AS9110C

CE Marking vs GDPR UK