SOC2 compliance has become table stakes for mid-market companies selling to enterprise customers. But the process is often shrouded in mystery, inflated costs, and vendor fear-mongering. Here's what you actually need to know.
SOC2 Type I (point-in-time assessment) typically takes 2-4 months and costs $30K-$80K for a mid-market company, including auditor fees and tooling. Type II (assessment over a period, usually 6-12 months) adds another $20K-$40K and requires the monitoring period before the audit.
The five Trust Service Criteria are: Security (required), Availability, Processing Integrity, Confidentiality, and Privacy. Most mid-market companies start with Security only, then add criteria as customer requirements dictate.
The biggest mistake mid-market companies make: over-engineering their controls. SOC2 doesn't require enterprise-grade complexity. It requires that you have appropriate controls, that they're documented, and that they're consistently followed. A well-documented spreadsheet-based process can be SOC2 compliant. A sophisticated but undocumented process cannot.
Our approach to SOC2 readiness: gap assessment (where are you vs. where you need to be), control design (proportional to your size and risk), implementation support (tooling selection, policy writing, training), and audit preparation (evidence collection, auditor coordination).
The ROI case for SOC2 is straightforward: it opens enterprise sales channels. Mid-market companies that achieve SOC2 consistently report shorter sales cycles and higher win rates with enterprise prospects. The compliance investment typically pays for itself within the first 2-3 enterprise deals it unlocks.