Glossary definition: SOC 3

SOC 3: Security & Privacy Trust Services Principles

SOC 3 is an internationally recognized standard that is used to assess and report on the security and privacy of a service organization’s systems, processes, and controls. This standard is part of the System and Organization Controls (SOC) family of standards, developed and maintained by the American Institute of Certified Public Accountants (AICPA). The SOC 3 standard is a third-party assurance report that summarizes the results of a service organization’s system and controls review. The report is intended to provide assurance to customers, partners, and other stakeholders that the service organization has implemented effective security and privacy controls over the systems and processes that support its services. The SOC 3 report includes a description of the service organization’s system, the controls in place, and the results of the review. The report also includes an opinion from an independent auditing firm, which provides assurance that the controls are designed and implemented effectively. The SOC 3 standard is designed to help service organizations demonstrate their commitment to security and privacy, and to provide assurance to customers, partners, and other stakeholders that their data and systems are safe and secure.