There are several parts of that article that are wrong.. that's not what the acronym SOC[0] stands for, for example. And while, the result of a SOC2 audit is a report, and it's primarily from the financial industry (not the security industry) - SOC2 is an audit and not a report.
The link you provided for Wikipedia, even that says SOC means System and Organization, and also in brackets it is also known as Service Organization.
Regarding the rest of your comment:
- SOC2 Report: While it is true that SOC2 audits result in a report, it's important to clarify that the SOC2 framework was indeed developed by the American Institute of CPAs (AICPA) and is primarily focused on the security, availability, processing integrity, confidentiality, and privacy of a service organization’s systems. This makes it highly relevant to the security industry, even if it has roots in the financial industry.
- Audit vs. Report: The SOC2 process involves an audit where an external auditor assesses the controls in place. The outcome of this audit is a detailed report that evaluates how well an organization meets the trust service criteria. So, saying "SOC2 is an audit and not a report" is somewhat misleading, as the audit process culminates in the generation of the SOC2 report.
Could you please guide if I need SOC 2 audit before I lock a customer? Right now I don't have any. It doesn't feel right to spend this much money and time on something without having the surety that someone one would become a customer after it is SOC 2 compliant. Thanks
If just having a customer is the goal, before being in talks with a customer who really want you to be SOC2 compliant, its definitely a waste of your resources- time and money. I would suggest, when you find such customers, and they really like your product and an audit like SOC2 is what is behaving like a deal breaker, only then go for SOC2
