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Comparison between APRA CPS 234 and SOC 2

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Overview

APRA CPS 234 and SOC 2 are two different standards for security and data protection. APRA CPS 234 is an Australian standard for the protection of customer information, while SOC 2 is a US standard for service organizations. APRA CPS 234 emphasizes the security of customer data, while SOC 2 is focused on the security of the systems and processes used by service organizations. Both standards include requirements for data security, privacy, availability, and processing integrity. However, APRA CPS 234 is more comprehensive and rigorous in its requirements, while SOC 2 is more flexible and customizable.



What is APRA CPS 234?

APRA CPS 234 is a set of cyber security standards that have been designed by the Australian Prudential Regulation Authority (APRA) to protect the information assets of financial institutions and other entities they regulate. The standards are designed to ensure that regulated entities have the necessary cyber security controls in place to protect themselves from cyber threats. The standards cover areas such as access control, data security, incident response, system security, monitoring and reporting, and third-party security. They also provide guidance on the implementation of controls and the management of cyber risks. The standards are intended to help entities meet their legal and regulatory obligations, as well as to protect their customers data and financial assets.


What is SOC 2?

SOC 2 (Service Organization Control 2) is an auditing procedure developed by the American Institute of Certified Public Accountants (AICPA). It is a widely accepted standard for assessing the security, availability, processing integrity, confidentiality, and privacy of a service organizations systems and processes. SOC 2 audits are conducted by independent third-party auditors and assess the service organizations internal controls in the five trust service criteria: security, availability, processing integrity, confidentiality, and privacy. The audit report provides assurance that the service organization has implemented sufficient controls to protect the data and systems they are responsible for. SOC 2 is widely used by cloud service providers, software-as-a-service (SaaS) providers, and other service organizations to demonstrate their commitment to security and compliance.


A Comparison Between APRA CPS 234 and SOC 2

1. Both standards focus on the security of an organizations systems, processes, and data.

2. Both standards require organizations to maintain a secure environment and have adequate controls in place.

3. Both standards require organizations to document their security policies and procedures.

4. Both standards require organizations to regularly monitor and test their security controls.

5. Both standards require organizations to have a risk management process in place.

6. Both standards require organizations to have incident response plans in place.

7. Both standards require organizations to have a process for addressing security-related issues.


The Key Differences Between APRA CPS 234 and SOC 2

1. APRA CPS 234 is an Australian regulatory standard, while SOC 2 is an American one.

2. APRA CPS 234 focuses on cyber security, while SOC 2 focuses on trust services.

3. APRA CPS 234 requires organizations to have a risk management framework in place, while SOC 2 requires organizations to have a control framework in place.

4. APRA CPS 234 requires organizations to have a comprehensive cyber security policy, while SOC 2 requires organizations to have a trust services policy.

5. APRA CPS 234 requires organizations to have a cyber security incident response plan, while SOC 2 does not.

6. APRA CPS 234 requires organizations to monitor and report on cyber security events, while SOC 2 does not.

7. APRA CPS 234 requires organizations to have a third-party risk management program, while SOC 2 does not.