Is HITRUST or SOC 2 a Better Fit for Small and Mid-sized Businesses?

For small to mid-size companies, IT security and compliance can feel like a complex maze. Certifications like HITRUST and SOC 2 are valuable tools to show your commitment to protecting sensitive information. But which one is right for your business? Let’s dive into the key differences between HITRUST and SOC 2 to help you make an informed choice.

What is HITRUST

HITRUST stands for Health Information Trust Alliance, and it offers the HITRUST CSF (Common Security Framework) certification. While it was originally created for the healthcare industry, it has evolved to be relevant for various sectors. The HITRUST CSF combines multiple standards, such as ISO/IEC 27001, NIST, and HIPAA, into a single framework. This integration can be very useful if your company needs to meet several different regulations and frameworks.

Why HITRUST Might Be a Good Fit

1. One Framework for Many Standards: HITRUST simplifies compliance by merging various standards into one framework, which is helpful if you need to meet multiple regulatory requirements.

2. Versatile Across Industries: Although it started in healthcare, HITRUST is now applicable to many other industries, making it a flexible option.

3. Focus on Risk Management: HITRUST helps you not just comply with regulations but also manage and improve your security posture.

What is SOC 2

SOC 2 stands for System and Organization Controls 2. It was developed by the American Institute of CPAs (AICPA). This certification is designed for service organizations that handle customer data. SOC 2 focuses on the Trust Service Criteria (TSC), which include Security, Availability, Processing Integrity, Confidentiality, and Privacy. It’s especially relevant for tech companies and cloud service providers where secure data handling is critical.

Why SOC 2 Might Be the Right Choice

1. Clear Focus on Key Areas: SOC 2 evaluates how well your company handles information security and privacy based on five key criteria, making it easy to see where you stand.

2. Customizable Reports: SOC 2 reports can be tailored to your business’ specific needs, providing relevant information to stakeholders.

3. Ideal for Tech and Service Providers: SOC 2 is highly valued in the tech and cloud service sectors, showcasing your commitment to maintaining high standards in data security.

Comparing HITRUST and SOC 2

Scope and Coverage

HITRUST covers a lot of ground by combining several standards into one framework, making it suitable for businesses with complex compliance needs. SOC 2 focuses specifically on data security and privacy, which may be simpler if your primary concern is how you handle customer information.

Industry Fit

HITRUST is great for industries with tough regulatory requirements, like healthcare. If your business operates in the tech or service space, SOC 2 is widely recognized and may better align with your needs.

Certification Process

The HITRUST certification process involves a thorough assessment and often requires more time and resources. SOC 2 attestation typically involves an audit by a CPA firm, focusing on your adherence to the Trust Service Criteria over a set period.

Cost and Time

HITRUST can be more expensive and time-consuming due to its comprehensive nature. SOC 2 might be a more cost-effective and quicker option, especially if your company is already familiar with AICPA standards.

Market Recognition

Both certifications are respected, but they excel in different areas. HITRUST is particularly valued in regulated industries, while SOC 2 is well regarded in the tech and service sectors.

Making Your Decision

Choosing between HITRUST or SOC 2 depends on your company’s specific needs and industry focus. If your business deals with complex regulatory environments or is in a sector like healthcare, HITRUST might be the better choice. If you’re in tech or offer cloud services and want to demonstrate strong data security practices, SOC 2 could be the right fit.

Both certifications show that you’re serious about data security and can help build trust with clients and partners. By considering your industry demands, the scope of each certification, and your available resources, you can decide which certification aligns best with your business goals and needs.

CompliancePoint is an authorized HITRUST CSF Assessor. Our team of healthcare and cybersecurity professionals can help your organization through every step of the HITRUST certification process. Our team also has guided many organizations through successful SOC 2 audits. Contact us at connect@compliancepoint.com to learn more about how we can help.