SOC 2: What Enterprise Buyers Expect in SaaS RFPs

Imagine you’re knee-deep in an RFP, and you come across a section dedicated to SOC 2 compliance. You know the drill: the buyer wants assurance that your SaaS product won’t be the weak link in their security chain. It’s not just about checking a box, it’s about showing genuine commitment to protecting their data.

Quick Answer

Enterprise buyers view SOC 2 as a benchmark for assessing your organization’s commitment to security. They expect clear, comprehensive responses that demonstrate your adherence to SOC 2 principles, supported by evidence. They’re looking for assurance that your security practices are in line with industry standards and that you can address any potential vulnerabilities.

This is part of our SOC 2 overview.

What buyers are really evaluating

When enterprise buyers evaluate SOC 2 compliance in an RFP, they’re not just looking for a certificate or a checkbox. They want to understand how your organization integrates security controls into daily operations. Buyers are essentially assessing how your security practices align with their own risk management strategies. They’re looking for transparency about how you handle data security, availability, processing integrity, confidentiality, and privacy.

We’ve noticed that buyers focus on how well SOC 2 principles are baked into your company’s culture and processes. They want to see that your team is not only compliant but also proactive about security. They want to trust that you’re a partner who takes security seriously, rather than one who just meets the minimum requirements.

Key evaluation criteria

1. Scope of SOC 2 Audit
   Buyers look at which of the five Trust Service Criteria (security, availability, processing integrity, confidentiality, privacy) your SOC 2 report covers. The more comprehensive, the better.

2. Audit Period and Frequency
   A recently conducted audit holds more weight. Buyers prefer vendors who undergo regular SOC 2 audits, indicating ongoing commitment to security.

3. Third-party Auditors
   The credibility of the auditing firm matters. Reputable, independent auditors are a plus.

4. Findings and Remediation
   Buyers scrutinize any noted deficiencies and your remediation actions. They want assurance that issues are promptly addressed.

5. Evidence of Continuous Monitoring
   Demonstrating robust security monitoring and incident response capabilities strengthens trust.

6. Integration with Other Standards
   Alignment with other standards like ISO 27001 or FedRAMP can enhance your compliance narrative.

7. Customer References
   Testimonials or case studies showing successful partnerships with similar enterprises can sway decision-making.

How this typically gets scored

SOC 2 compliance in RFPs is often scored using a weighted approach. Buyers assign different weights to evaluation criteria based on their priorities. For instance, a detailed audit report might carry more weight than the audit firm’s reputation. Some buyers use a pass/fail system for essential criteria, while others may tier responses, giving scores from “exceeds expectations” to “does not meet expectations.”

Red flags that lose you points

• Outdated Audit Report
  An audit report older than a year can raise suspicions about current compliance status.

• Unresolved Findings
  Unaddressed deficiencies or a lack of a remediation plan can be a deal-breaker.

• Lack of Transparency
  Vague responses or failure to provide detailed evidence can erode trust.

• No Third-party Validation
  Internal audits without external validation may be seen as less credible.

• Inconsistent Security Practices
  Discrepancies between your SOC 2 practices and other security measures can be concerning.

What a strong response looks like

A strong response clearly outlines the scope of your SOC 2 audit, detailing the Trust Service Criteria covered. It includes a summary of recent audit findings, demonstrating transparency and proactive remediation. Additionally, it provides evidence of continuous monitoring and alignment with other standards like Penetration Testing. This approach shows a commitment to maintaining high security standards and offers reassurance to buyers.

What a weak response looks like

A weak response is vague and lacks detail. It might simply state that you are SOC 2 compliant without specifying the criteria covered or the audit period. It doesn’t address any past findings or remediation efforts and fails to provide evidence of continuous monitoring. Such a response can leave buyers questioning your commitment to security.

How to position your answer even if you are not fully compliant

If you’re not fully compliant, be upfront about your current status and outline a clear roadmap for achieving compliance. Use safe, honest wording like, “We are currently in the process of expanding our SOC 2 audit scope to include additional Trust Service Criteria and expect completion by [date].” Transparency can build trust even if you’re not there yet.

Other guides for SOC 2

• SOC 2: How to Handle RFP and Security Questionnaire Questions
• SOC 2: Evidence and Documentation Buyers Expect in RFPs
• SOC 2: Common Vendor Mistakes in SaaS RFPs
• SOC 2: Compliance Checklist for SaaS Vendors
• SOC 2: Implementation Guide and Best Practices for SaaS Vendors
• SOC 2: Audit Implications and Risk Assessment in SaaS RFPs
• SOC 2: Control Mapping and Technical Validation in SaaS RFPs
• SOC 2: How It Impacts RFP Scoring and Vendor Selection

Related terms

• ISO 27001
• FedRAMP
• Penetration Testing
• Vendor Risk Assessment
• Security Logging

FAQs

What is SOC 2 compliance, and why do buyers care?

SOC 2 compliance demonstrates that a vendor adheres to established security practices, providing assurance to buyers that their data is protected.

How often should a SOC 2 audit be conducted?

An annual audit is typically expected by buyers to ensure ongoing compliance and address any emerging security issues.

Can a SOC 2 report be shared with customers?

Yes, but typically only a summary or specific details are shared, as the full report contains sensitive information.

What if a vendor has unresolved SOC 2 findings?

Buyers expect vendors to have a clear remediation plan for any findings. Unresolved issues can significantly impact vendor selection.

How does SOC 2 relate to other security standards like ISO 27001?

SOC 2 and ISO 27001 both focus on information security, but SOC 2 is specifically designed for service organizations, while ISO 27001 is a broader, international standard.

What should a vendor do if they are not yet SOC 2 compliant?

Vendors should communicate their timeline and steps towards achieving SOC 2 compliance, showing commitment to meeting buyer expectations.

How can a vendor improve their SOC 2 response in an RFP?

Providing detailed, transparent information and demonstrating alignment with other security standards can improve a vendor’s SOC 2 response.