SOC 2 Readiness Assessment: Are you Audit ready?

Failing your SOC 2 audit isn't just embarrassing - it's expensive.

Most companies burn through months of preparation and tens of thousands of dollars, only to discover critical gaps in their security controls when it's too late.

But what if I told you there's a way to know exactly where you stand before spending a single dollar on an auditor?

In this guide, I'm going to give you the clarity you need to get started on your SOC 2 journey with confidence by performing a SOC 2 readiness assessment.

What is a SOC 2 readiness assessment?

A SOC 2 readiness assessment examines your security controls before the actual audit. The goal is to align business operations with the applicable Trust Services Criteria (TSC).

The SOC 2 readiness assessment helps organizations proactively address deficiencies, streamline the audit process, and reduce the risk of non-compliance.

It is an important first step in achieving SOC 2 certification and demonstrating a commitment to safeguarding client data.

Why do companies need readiness assessments?

Companies need to perform readiness assessments to:

1. Expose control gaps early

2. Test security measures

3. Validate documentation processes

This isn't just about passing an audit. It's about turning a complex, anxiety-inducing process into a streamlined, confident journey toward compliance.

When should you conduct your readiness assessment?

You should start preparing for your SOC 2 readiness assessment at least 6-12 months before your target audit timeline.

Early initiation ensures you are set up for a smooth and successful SOC 2 audit. Late initiation can delay your compliance efforts and stall business growth.

The signal to begin your SOC 2 readiness assessment is when you start handling sensitive customer data or when clients request SOC 2 compliance , both typically happen when scaling operations, entering new markets, or pursuing larger enterprise contracts.

How much does a SOC 2 readiness assessment cost?

Typically a SOC 2 readiness assessment costs in the range of $18,000 - $25,000. However, your total cost can be higher or lower depending on several factors.

Factors affecting pricing

Size and complexity of the organization

Large, complex organizations require a more extensive evaluation due to:

• Higher Levels of Complexity

Larger organizations often have more intricate IT infrastructures, which can include numerous systems, applications, and processes.

• Higher Risk Exposure

With more data and systems at play, the potential for data breaches increases. A comprehensive readiness assessment helps identify vulnerabilities that could lead to significant financial losses and reputational damage.

• Regulatory Compliance

Many large organizations must comply with various regulations (like HIPAA or PCI DSS) alongside SOC 2. A readiness assessment ensures that they meet all necessary compliance requirements, which can be more challenging in complex environments.

Scope of the assessment

The number of Trust Services Criteria being covered will impact the total cost (see the table below):

Additional in-scope systems, vendors, or data flows can also have an impact.

Technology stack

Investing in compliance management tools to automate and streamline the process adds upfront costs but can reduce manual effort.

Pick the right tool and get compliant faster than you could imagine.

However, picking the wrong solution prolongs the compliance process and gives your competitors more time to secure the enterprise deals you could be closing…

Don’t be the guy/gal who lets manual processes or the wrong compliance tools stall the business’s growth.

EasyAudit’s AI-driven automation slashes your compliance time and costs in half, saving you 100+ hours of effort and a significant amount of capital.

Want to see it in action? Schedule a demo and experience it yourself!

Timeline

Tight deadlines often require additional resources or premium consulting rates. They can also lead to inefficiencies, potentially resulting in higher remediation expenses later.

Starting the readiness assessment at lest 6-12 months ahead of time helps keep costs under control.

How do you prepare for a SOC 2 readiness assessment?

Preparing for your SOC 2 readiness assessment involves taking a structured approach to evaluate your organization’s current policies, procedures, and security controls against the Trust Services Criteria (TSC). Here is a step-by-step process to follow:

1. Define your audit scope

Start by defining which systems, processes, and data flows are in scope.

Your scope needs to cover three key areas:

1. Systems processing customer data

2. People accessing these systems

3. Processes governing data handling

Then, determine which of the five TSC principles apply to your business:

These steps will help you tailor your assessment and avoid unnecessary complexity.

2. Map existing controls

Identify areas where your controls meet or fall short of the required standards.

You can use SOC 2 automation software like EasyAudit to generate precise, actionable controls, based on your company info, instead of vague requirements from some controls template.

3. Identify control gaps

Gaps can exist in areas like data access management, incident response, or encryption practices. Identifying these gaps early helps you address weaknesses prior to the official audit.

Examples of control gaps can include:

• Missing access controls

• Weak change management

• Inadequate monitoring

• Incomplete risk assessments

4. Document your security policies

Turn complex requirements into clear, actionable procedures. Well-documented policies serve as a reference point for both internal teams and external auditors.

Essential documentation includes:

1. Information security framework

2. Access management protocols

3. Incident response procedures

4. System backup strategies

5. Change control processes

5. Review your vendor management

Because third-party vendors often have access to your customers’ sensitive data or your internal systems, SOC 2 requires that organizations demonstrate control over how they manage third-party relationships.

Create a robust vendor assessment program covering:

One non-compliant vendor can destroy your security posture. Review your vendor contracts, security practices, and data handling procedures to ensure compliance with SOC 2 and minimize risks of suffering a data breach.

6. Test your incident response plan

When was the last time you tested your incident response? Run regular simulations of:

1. Data breaches

2. System failures

3. Natural disasters

4. Cyber attacks

Document everything. Measure response times. Identify bottlenecks.

Otherwise, sooner or later, hackers will do the “testing” for you.

7. Create a remediation roadmap

A roadmap helps prioritize remediation efforts based on risk and importance.

Prioritize based on risk:

• Critical: Fix within 24 hours

• High: Address within one week

• Medium: Resolve within one month

• Low: Schedule for next quarter

This helps to focus on the areas that are most impactful for passing the SOC 2 audit.

How do you address readiness assessment findings?

Here’s how to approach a readiness assessment report effectively:

1. Prioritize critical gaps

2. Build your remediation timeline

3. Implement new controls

4. Validate fixes

Let's expand on this.

Step 1: Prioritizing critical gaps

Think of your readiness assessment findings as a triage situation. Which issues could cause immediate harm to your security posture?

Start with your most pressing issue and work backwards. Quick action can prevent potential disasters.

Step 2: Building your remediation timeline

Your timeline needs to balance urgency with reality. Here's a proven approach:

Phase 1 (Days 1-5):

• Lock down critical security vulnerabilities

• Deploy emergency patches

• Document immediate actions taken

Phase 2 (Week 2-3):

• Transform your security processes.

• Start with employee access controls.

• Then move to data encryption standards.

Phase 3 (Week 4-6):

• Roll out comprehensive training programs.

• Test their effectiveness.

Step 3: Implementing new controls

Bridge the gap between your current security posture and the requirements outlined in the Trust Services Criteria (TSC). Enforce measures to address identified control gaps, such as multi-factor authentication, improving logging and monitoring, or formalizing policies.

Strengthen your security posture with these targeted actions:

1. Deploy automated monitoring systems

2. Establish clear incident response procedures

3. Create detailed audit trails

Each control should solve a specific problem. No fluff. No maybes.

Step 4: Validating fixes

Test newly implemented controls, policies, or processes to confirm they are functioning as intended and consistently applied across the organization.

Run these validation checks:

1. Simulate security incidents

2. Monitor system responses

3. Document outcomes

This will help you catch issues before the formal SOC 2 audit and avoid complications.

How EasyAudit can help you prepare for SOC 2

Don't let security gaps and failed audits stagnant your growth.

With EasyAudit you can turn your compliance journey from an 8-month nightmare into an 8-week sprint.

Hard to believe?

Schedule a demo and see for yourself!

FAQs

How does a SOC 2 readiness assessment differ from a formal SOC 2 audit?

They serve different purposes. A SOC 2 readiness assessment is a proactive measure to identify gaps, while a formal audit is an official examination done by a certified auditor.

Do you need an external auditor to conduct a SOC 2 readiness assessment?

A SOC 2 readiness assessment can be conducted by an internal or external auditor. But a formal SOC 2 audit will require an external auditor.

What are the consequences of not conducting a SOC 2 readiness assessment before a formal audit?

Not conducting a SOC 2 readiness assessment can increase the risk of audit failures, higher costs and delays, more stress, and even missed business opportunities.