Comparison between SOC 2 and APRA CPS 234
Overview
SOC 2 and APRA CPS 234 are two frameworks used for data security and compliance. SOC 2 is an American framework developed by the American Institute of Certified Public Accountants (AICPA) to provide guidance for service organizations on how to design and implement controls to protect customer data. APRA CPS 234 is an Australian framework developed by the Australian Prudential Regulation Authority (APRA) to ensure that customer data is adequately protected by entities regulated by APRA. Both frameworks focus on the security of customer data, but SOC 2 is more focused on the design and implementation of controls, while APRA CPS 234 is more focused on the management of risks associated with customer data.
Contents
What is SOC 2?
SOC 2 is an auditing procedure developed by the American Institute of Certified Public Accountants (AICPA). It is designed to help organizations assess and improve their internal controls related to security, availability, processing integrity, confidentiality, and privacy of their systems and services. SOC 2 is based on the Trust Services Principles and Criteria, which are divided into five categories: Security, Availability, Processing Integrity, Confidentiality, and Privacy. Organizations that meet the criteria of these five categories can obtain a SOC 2 report, which is an independent assessment of the organizations controls related to the Trust Services Principles. The SOC 2 report is used by organizations to demonstrate to their customers, partners, and other stakeholders that they are taking the necessary steps to protect the security and privacy of their systems and services.
What is APRA CPS 234?
APRA CPS 234 is an Australian Prudential Regulation Authority (APRA) regulation that sets out the minimum security requirements for cloud service providers (CSPs) in Australia. The regulation applies to all CSPs providing services to APRA-regulated entities and sets out the requirements for the management of information security, risk management, third-party assurance and audit. The regulation is intended to ensure that CSPs meet the minimum security requirements necessary to protect the data of APRA-regulated entities. The regulation is enforced by APRA, and CSPs must demonstrate compliance with the regulation in order to continue providing services to APRA-regulated entities. The regulation is designed to ensure that CSPs maintain the highest possible standards of security and protect the data of APRA-regulated entities from unauthorized access, disclosure, alteration or destruction.
A Comparison Between SOC 2 and APRA CPS 234
1. Both SOC 2 and APRA CPS 234 are focused on providing assurance and guidance to organizations on how to protect the security, availability, and confidentiality of their data.
2. Both standards include requirements for the management of information security risk and the implementation of appropriate controls.
3. Both standards require organizations to develop and maintain a documented information security program.
4. Both standards emphasize the need for regular monitoring and testing of controls as part of an ongoing process of risk management.
5. Both standards include requirements for organizations to provide reports to stakeholders on their compliance status.
The Key Differences Between SOC 2 and APRA CPS 234
1. SOC 2 is an auditing standard created by the American Institute of Certified Public Accountants (AICPA) to evaluate the security, availability, and confidentiality of a service provider's systems, while APRA CPS 234 is an Australian Prudential Regulation Authority (APRA) standard.
2. SOC 2 is focused on the controls of a service provider, while APRA CPS 234 is focused on the controls of a regulated entity and its service providers.
3. SOC 2 requires an audit to be conducted by an independent third-party, while APRA CPS 234 does not require an audit.
4. SOC 2 is focused on the security, availability, and confidentiality of systems, while APRA CPS 234 is focused on the security, availability, and confidentiality of data.
5. SOC 2 requires an annual report to be submitted to the AICPA, while APRA CPS 234 does not require an annual report.