SOC 2 for Financial Services
Enhanced security approach for FinTech and financial services with comprehensive coverage of all five SOC 2 criteria and regulatory compliance considerations.
Financial Services SOC 2 Quick Reference
All Five Criteria
12-18 months
Processing Integrity, regulatory compliance
Complex Regulatory Environment
Financial services companies operate in a heavily regulated environment with multiple overlapping compliance requirements that must align with SOC 2 controls.
- • PCI DSS (payment card data)
- • SOX (publicly traded companies)
- • GLBA (financial privacy)
- • FFIEC guidelines (banking)
- • State money transmitter laws
- • Federal Reserve (Fed)
- • FDIC (deposit insurance)
- • OCC (national banks)
- • FINRA (broker-dealers)
- • State banking regulators
Financial services companies require the most comprehensive SOC 2 implementation, typically needing all five Trust Service Criteria due to the critical nature of financial data and regulatory requirements.
Why All Five Criteria for Financial Services
Security & Confidentiality:
- • Customer financial data protection
- • Transaction security and fraud prevention
- • Regulatory data confidentiality requirements
Availability & Processing Integrity:
- • 24/7 financial service availability
- • Accurate transaction processing
- • Real-time payment processing integrity
Privacy:
- • GLBA privacy requirements for financial institutions
- • Customer consent and preference management
- • Third-party data sharing governance
Financial Services Scope Considerations
Financial services scope typically includes all customer-facing and transaction processing systems:
- • Payment processing platforms
- • Core banking systems
- • Customer account management
- • Transaction monitoring systems
- • Digital banking platforms
- • Risk management platforms
- • Regulatory reporting systems
- • Customer onboarding (KYC/AML)
- • Fraud detection and prevention
- • Customer support systems
Financial Services Implementation Roadmap
Follow this comprehensive timeline to implement all five SOC 2 criteria for your financial services organization:
Foundation & Planning
- • Regulatory requirements mapping
- • Risk assessment and gap analysis
- • Governance framework setup
- • Policy development
Core Implementation
- • Security controls implementation
- • Processing integrity systems
- • Fraud prevention deployment
- • Third-party risk program
Testing & Validation
- • Comprehensive control testing
- • Business continuity exercises
- • Regulatory compliance validation
- • Evidence collection
Audit & Certification
- • Pre-audit readiness assessment
- • Auditor selection and engagement
- • Type II audit execution
- • Remediation and certification
Financial Services Templates & Resources
Our comprehensive templates address the unique requirements of financial services, covering all five SOC 2 criteria and regulatory compliance considerations.