Selecting the Best Audit for Your Business Needs

There are several reasons to pursue third-party compliance reports without a strict contractual requirement, but they are usually not the reasons one might think. Clients often receive a contract renewal or a request for a proposal that includes a security audit line item, and then the clock starts ticking. Selecting the right kind of data security audit can mitigate more than risks; it can reduce potential lost business and operational headaches.

Understanding Different Audit Types

Security audits help protect organizations and their sensitive information from potential cyber risks and promote a landscape of governance and compliance. The most common security audits in the U.S. include:

• SOC 2 audits,
• NIST assessments,
• HITRUST certifications, and
• ISO certifications

Each framework has different levels of testing, evidence inspection, and scope customization, but they all share a primary goal: identifying, classifying, and mitigating risks to data security. But how do you know which one to tackle first?

When facing a security audit requirement, confirm that the requirement truly is a requirement. Depending on the relationship with your partner or vendor, there could be room to discuss and understand what is driving a new requirement. Once you have additional context, it is time to evaluate which framework makes the most sense for you.

SOC Audits

SOC 2 identifies organizational controls to support broad, standard security criteria while evaluating how to tailor controls to merge with existing processes and technology. SOC audits involve:

• Interviews,
• Evidence inspection,
• Control activity observations, and
• Engagement tasks such as reporting and review.

Third parties have confidence in SOC 2 reports; they know that independent, objective teams review the management, controls, and the evidence of proper control design, operation, and implementation. SOC 2 audits are also useful for presenting multiple frameworks simultaneously via the SOC 2 + approach. In SOC 2 + reports, the controls and requirements of other security frameworks can be mapped into the control table to demonstrate implementation. A common SOC 2 + report is a SOC 2 + HIPAA report, in which a SOC 2 report is issued and includes relevant controls for the NIST SP 800-66 HIPAA Security Rule control mappings.

NIST and HITRUST Audits

NIST and HITRUST assessments are slightly different in how they approach control selection, as the risk scoring and scoping of the system are more formulaic, and controls are often prescriptive and predefined. To achieve compliance, NIST and HITRUST have extensive catalogs of control descriptions and activities. A NIST or HITRUST requirement might involve implementing new technology or procedures to become compliant, even if the system's current state was considered secure by management before the assessment. Since the controls are deployed similarly between many companies, those frameworks communicate the level of rigor within a system to protect data across entities.

ISO Audits

As a global compliance framework, ISO assessments work best when a system interacts with customers or end users in multiple countries. ISO assessments contain similar considerations as the other frameworks but have a heightened focus on entity management, process definition, and documentation. The assessment focuses on key activity at the management level rather than the transaction level to confirm that the security program is mature, effective, and comprehensive.

Compared to SOC, NIST, or HITRUST engagements, ISO audits focus more on management interviews and direct system observation. Some companies may find this less burdensome, whereas others prefer the evidence-forward approach of the other frameworks.

Factors to Consider When Choosing an Audit

If your organization does not have a third-party assessment, you might wonder what to do and where to start. One of the most straightforward indicators is to research industry competitors. If other third parties in the industry are finding success with specific audits or assessments, you may soon experience the same expectation.

Another alternative is to start with SOC 2, which allows organizations to map current controls and procedures to the SOC 2 criteria. It’s a solid foundation for identifying areas of improvement before receiving that first NIST, HITRUST, or ISO requirement.

EisnerAmper’s dedicated team is here to support and assist you. Whether you need help determining which audit is right for you or implementing a specific audit framework, we have the knowledge, resources, and capabilities to help you through any security audit. Contact us below to discuss your options in detail.