Posted: Feb, 12, 2025 9:28 AM ET • 3 min read

In today’s digital landscape, ensuring the security of customer and company data is more important than ever. For parking facility owners and operators handling sensitive information, implementing robust security measures is essential to maintaining trust and operational integrity. SOC 2 compliance provides a structured framework to help businesses safeguard their data, ensuring that security standards are met.

Below, we’ll explore what SOC 2 compliance entails, the reporting process, and why it is a critical investment for protecting your business and customers.

What is SOC 2 Compliance?

SOC 2 stands for Systems and Organization Controls 2. It is a security framework designed to protect customers’ data from unauthorized access and data breaches. The American Institute of Certified Public Accountants (AICPA) created SOC 2 in 2010 to establish trust between service providers and their customers and help auditors determine the effectiveness of an organization’s security protocols.

SOC 2 Trust Service Criteria

SOC 2 revolves around five key trust service criteria: security, availability, processing integrity, confidentially, and privacy. Each key trust service criterion helps achieve strong security over customer data.

Security: protecting data from unauthorized access
Availability: ensuring systems are available for operation
Processing Integrity: verifying that company systems are processing data correctly
Confidentiality: protection of sensitive information by limiting its access, storage, and use
Privacy: safeguarding of sensitive personal information from unauthorized users

The SOC 2 Reporting Process

Each company is responsible for designing controls to comply with the Trust Services Criteria. An independent auditor is then brought in to verify whether the company’s controls meet the SOC 2 requirements. After the initial audit, the auditor will write a report on how well the company’s systems and processes comply with SOC 2.

There are two types of SOC 2 reports: SOC 2 Type I and SOC 2 Type II. A SOC 2 Type I report evaluates a company’s controls at a single point in time, while a SOC 2 Type II report assesses how a company’s controls operate over a period of time, generally from 6-12 months. Type I reports are faster and inexpensive compared to Type II reports; however, Type II reports offer greater assurance to customers and potential partners.

Why SOC 2 Compliance Matters

Despite the effort required to obtain a SOC 2 report, the benefits of being SOC 2 compliant make it well worth acquiring. It builds trust with customers and partners and strengthens your brand’s reputation as a safe business. Another benefit of being SOC 2 compliant is the ability to make improvements in security measures, which can increase efficiency within your organization. By being proactive when it comes to customer data, you will demonstrate a commitment to data security and privacy. SOC 2 compliance is essential for industries that deal with sensitive or regulated data. In the parking and mobility industry, ensuring customers that their financial information is protected could be the difference between choosing your parking facility over a competitor’s.

With benefits for both customers and organizations, SOC 2 compliance is a critical data security and privacy standard. Taking a proactive approach to customer data and privacy allows you to build and maintain strong relationships with customers who appreciate organizations going the extra mile to ensure no data breaches occur. Parking facility owners and operators who understand the importance of keeping customer data secure will be a step ahead in the industry, building strong relationships that lead to higher sales and retention.

References

Secureframe. (n.d.). What is soc 2? A beginners guide to compliance. https://secureframe.com/hub/soc-2/what-is-soc-2

What is SOC 2 compliance?. Palo Alto Networks. (n.d.). https://www.paloaltonetworks.ca/cyberpedia/soc-2