Does my company need a SOC2 certification

Organizations only need a SOC2 certification if their customers or target market requires certification.   The primary intent of SOC2 is to protect the customer’s data from unauthorized disclosure and loss.  This certification is typically only needed for companies with business-to-business (B2B) software products.

If your customers aren’t demanding SOC2 certification, there isn’t an advantage to justify the cost of implementing the requirements and the annual audit.  SOC2 Type 2 certifications typically start around 25,000 USD and can go well over 100,000 USD for implementation and audit costs.  

SOC2 may not be right for your organization but, all organizations should have a comprehensive security program. Two alternative industry leaders are ISO 27001 and NIST CSF (Cybersecurity Framework).  Alternative frameworks won’t necessarily be more cost-effective but rather a better fit for the business.