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SOC 2 for Fintech: Unlocking your competitive edge
SOC 2 is not only a data security and privacy framework but also an assurance of trust. For a global Fintech sector that’s ushering into the digital era, a SOC 2 certification is used by businesses to prove data security standards to the board, the C-suites, vendors, customers, and partner businesses, making business continuity and dealings smoother. While voluntary, it gives your business an unfair advantage. Read on to discover how you can implement SOC 2.
What is SOC 2 for Fintech?
SOC 2 in Fintech is a regulatory and compliance framework that helps organizations measure their security posture and bolster it as per set standards of security, including data, cloud, and network architecture. It ensures that protection measures are complete and sufficient for businesses to protect clients’ assets or personal data from unauthorized use.
Moreover, an SOC 2 certificate helps to win customer and market trust along with compliance certifications like NIST, ISO 27001, and PCI-DSS.
Why is SOC 2 important for Fintech?
SOC 2 is critical for Fintech companies as it allows them to project a strong commitment to data security, which is crucial for winning customer trust and a competitive edge in the market. The framework enables these companies set up secure processes and systems faster and monitor them continuously so threats are mitigated before they snowball into business disruptions.
Proxy for trust
Over 82% of B2B customers expect it
Competitive edge
SOC 2 helps close deals 30% faster
Secures your systems
70% saw stronger security
Supports other frameworks
Makes you up to 67% ready for future compliance
What are the differences between SOC 2 for fintech and PCI DSS?
SOC 2 for fintech is a demonstration of broader security practices and resilience beyond payment data. Let’s check out how:
PCI DSS
Secures card data and payment processing
Protects systems and data across all business-critical assets
Targets card networks, banks, and payment processors
Follows a strict, prescriptive framework with 12 specific requirements
Requires assessment by a QSA (Qualified Security Assessor)
SOC 2
Protects systems and data across all business-critical assets
Voluntary attestation, driven by industry expectations
Serves enterprise customers, partners, and security-conscious investors
Based on flexible Trust Services Criteria tailored to your operations
Can be audited by a licensed CPA or qualified third-party auditor
What does the SOC 2 compliance process look like?
Stage 1 – Scoping & Readiness (Weeks 1–4)
You assess the current security posture and SOC 2 readiness
Stage 2 (Implementation & Control Design)
Once you have identified the gaps, it’s time to build policies and controls to effectively mitigate remaining threats.
Stage 3 – Evidence Collection (Weeks 10–16)
If you’re appearing for SOC 2 type 2 attestation, then you will need to collect evidence of control performance over a period of time. Usually between 3 – 12 months.
Attestation of SOC 2 Type I or Type II Audit (Week 16 onwards)
An annual audit that confirms the security posture and SOC 2 reports submitted to the CPA or a third-party auditor.
Continuous compliance
Setting up continuous monitoring of controls, automated evidence collection, and automated alerts to continuously maintain compliance.
But what about the timeline and costs?
If you’re going all in on the traditional route, this is what SOC 2 timeline and costs will look like:
Typical SOC 2 timeline
Months 1-2:
Preparation & Gap Assessment (Define Trust Services Criteria scope, conduct readiness assessment, identify control gaps)
Months 3-4: Implementation
(Deploy technical & operational controls, staff training, documentation)
Months 5-6: Mock audit (Internally evaluating control performance and plugging gaps)
Months 7-8: Third-party validation
Month 9: Final fixes + certification decisions
Ongoing: Continuous monitoring and maintenance
SOC 2
With Sprinto you can get compliant in weeks, instead of months without slowing down. Read how Sprinto helped PreSkale complete SOC2 audit in under 30 days.
Steps to implement SOC 2 for Fintech
Implementing SOC 2 for fintech industries requires added rigor in the controls, policies, and risk assessments. For that, organizations need to start by understanding the scope as per their business, selecting the trust criteria that are relevant to them, conducting gap analysis, and implementing the right policies and controls to plug the gaps, mitigate threats, and secure data assets. As a final step, Fintech companies should validate their posture via third-party auditors.
Here’s a step-by-step process to get SOC 2 certified for Fintech companies.
1
Understand Trust Service Criteria
The five trust service criteria make up the core of the SOC 2 attestation. These are Security, Availability, Confidentiality, integrity of processing, and Privacy. Following these criteria, you can evaluate your existing policies and control performance and lay roadmaps for future development.
Here is what each of these entails:
- Security: This trust service criterion lays dictates the policies that protect information from unauthorized access. For most SOC2 audits, these criteria suffice, but for Fintech companies, other criteria need to be added to the report as well.
- Availability: This criterion ensures that the information you process and store is always available and accessible, even in the event of an incident or a disaster, providing unhindered service. This might include developing policies for data backups, disaster recovery, and business continuity planning. Each of these aimed at minimizing disruption to customers and business continuity.
- Processing integrity: The criteria of processing integrity determine that you process data without manipulating it, ensuring error-free processing of data. Thus, you need to set policies in place like data duplication, concurrency, and more to ensure that flawed data doesn’t overwrite correct data.
- Confidentiality: Confidentiality entails safeguarding data throughout its lifecycle, maintaining strict access controls, and ensuring it is only accessed by the people authorized to do so. Sensitive details like financial statements, bank account information, and personally identifiable information are the utmost priority under this criterion.
- Privacy: This TSC evaluates whether you safeguard Personally Identifiable Information (PII) against breaches and unauthorized access by enforcing strict access controls, using two-factor authentication, and applying encryption.
2
Enforce the trust service criteria
SOC 2 trust criteria dictate how you conduct risk assessments, build policies, and implement and continuously reinforce controls to uphold data security and privacy standards set by SOC 2.
Here are some examples of controls and policies you might
| Trust Criteria | Key Policies | Example Controls |
| 1. Security (Required) | Information Security PolicyAccess Control PolicyPassword PolicyIncident Response PolicyChange Management PolicySecurity Awareness & Training Policy | Multi-factor authentication (MFA)Role-based access control (RBAC)Logging and monitoringEndpoint protectionPatch managementFirewall and network segmentationPenetration testing |
| 2. Confidentiality | Data Classification & Handling PolicyEncryption & Key Management PolicyAcceptable Use PolicyThird-Party Risk Management PolicyConfidentiality & NDA Policy | AES-256 encryption at restTLS encryption in transitAccess reviews for sensitive dataSecure file sharingVendor data protection assessmentsConfidential data audit logs |
| 3. Availability | Business Continuity PolicyDisaster Recovery PolicySystem Monitoring PolicyBackup & Restore PolicySLA Management Policy | High-availability infrastructure (load balancing, auto-scaling)Uptime monitoring (e.g., Pingdom)Automated backups and restore testsDisaster recovery testingStress and load testing |
| 4. Processing Integrity (Must for Fintech) | Data Processing & Accuracy PolicyQA & Testing PolicyChange Management Policy | Input validationReconciliation checksTransaction logsApproval workflowsError tracking tools (e.g., Sentry) |
| 5. Privacy (Must for Fintech) | Privacy Policy (internal + external)Data Retention & Disposal PolicyConsent Management PolicyGDPR/CCPA Compliance Policy | Consent trackingData deletion workflows (DSARs)Public privacy noticesLogs of data subject accessCookie/tracking consent popups |
3
Run a Mock Audit (Internal audit)
Running an internal audit can help you gauge your organization’s readiness for an actual SOC 2 audit. It also reveals the gaps you might need to plug and missing pieces in the puzzle before you present your report to a third-party auditor. Moreover, it’s a great way to familiarize your team with the audit process and step into the real thing with more confidence.
4
Undergo a formal SOC 2 audit
For this step, you’ll need to collect all your reports, evidence collected, and policy documents to present it to the auditor for attestation. A third-party auditor might review your systems and the document you present to validate the control performance and how well your security posture fares against SOC 2 standards for Fintech. For a Type 2 report, the process can span from a few weeks to months as auditors examine your systems and policies in action. They may ask follow-up questions, request supporting evidence, or schedule walkthroughs. Stay closely aligned with your auditor to keep things on track and ensure a smooth experience from start to finish.
Benefits of SOC 2 for Fintech
Enhanced data protection
SOC 2 provides essential security practices for data loss prevention, incident response, intrusion detection, access control, and continuous monitoring, serving as a globally accepted benchmark for securing data
Accelerated vendor assessment
A SOC 2 report provides audited assurance of your security program, reducing time on security questionnaires and accelerating vendor assessments by building trust in your security measures.
Legal and financial protection
Financial data breaches can result in fines, lawsuits, and downtime, straining businesses financially. SOC 2 supports regulatory alignment while reducing risks and ensuring continuity.
Shortened sales cycle
SOC 2 is now a baseline requirement, instantly building trust, shortening sales cycles, and helping secure enterprise deals by proving your security safeguards.
Scalability for growth
SOC 2 supports scalability by establishing resilient security practices and providing a solid foundation for achieving compliance with other frameworks like ISO 27001.
How can Sprinto help?
Chasing SOC 2 compliance without the right system is like trying to build a rocket with scattered blueprints and no mission control—every step feels risky, rife with uncertainty and unknowns.. Spreadsheets multiply, team responsibilities blur, and the pressure to “get it right” mounts with every investor conversation and customer deal.
Specially for Fintechs, this disarray can be costly. Sprinto is the answer. It lets you ditch tedious spreadsheets for better, more adaptive automation so you can breeze through SOC 2 compliance in just 2 easy steps. With Sprinto, you get ready-to-launch SOC 2 programs that come with pre-built policy templates and controls mapped to Trust Service Criteria, enabling companies to do SOC 2 fast and do it fast.
It centralizes your compliance efforts, automates evidence collection, and keeps every control mapped, monitored, and audit-ready in real time. No chaos. No guesswork. Just a clear, coordinated launch toward certification.
Watch Sprinto in action and kickstart your journey today.
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