Ranking the Most – and Least – SOC 2 Compliant Industries

‍

Since their introduction in 2017, System and Organization Controls (SOC) Type I and Type II certifications have become incredibly popular among virtually all organizations that manage or interact with sensitive data. Companies routinely publish press releases to announce their security controls to would-be customers and investors. 

‍

That said, SOC 2 adoption hasn’t been uniform across the US economy (the equivalent international certification is ISO 27001). So which industries lead the way and which have the most ground to make up?

‍

SOC 2 Compliance Leaders

‍

Information Technology (IT) and SaaS: The IT sector, including SaaS companies, has the highest adoption of SOC 2 compliance, accounting for approximately 45% of all certifications. This high rate is due to the need for these companies to assure clients of their robust data protection measures.

‍

Finance: Financial institutions, including banks and fintech companies, make up around 20% of SOC 2 adoption. These organizations prioritize SOC 2 to protect sensitive financial data and comply with strict regulatory requirements.

‍

Healthcare: Healthcare organizations, which must protect patient data and comply with HIPAA, represent about 15% of SOC 2 adoption. The focus here is on ensuring data confidentiality and mitigating risks associated with data breaches.

‍

While some of these leaders may not surprise leaders, it’s important to underscore that their leadership is relevant. Myriad SaaS, finance, healthcare, and other similar verticals are just beginning their journey toward compliance and comprehensive customer assurance.

‍

Emerging SOC 2 Verticals

‍

Manufacturing: Traditional manufacturing industries generally have minimal SOC 2 adoption, with adoption rates estimated at around 2-5%. This is because these industries often prioritize physical security and process controls over data security, with less focus on cloud-based data services​.

‍

Agriculture: The agriculture sector also has a low SOC 2 adoption rate, around 3%. This industry is more concerned with operational efficiency and supply chain management than data security, leading to minimal adoption of SOC 2 compliance​.

‍

Construction: The construction industry sees low SOC 2 adoption, around 4-6%. Like manufacturing, this industry emphasizes physical security and project management over data security, resulting in limited SOC 2 engagement​.

‍

Robotics: The robotics and autonomous vehicle industries both have a ways to go when it comes to compliance. Just 1% of American robotics companies are SOC 2 compliant, according to a Koop survey.

‍

Getting Started with SOC 2

‍

Koop’s customer assurance platform helps tech companies seamlessly navigate the complexities of business insurance, regulatory compliance, and security automation in one place.

‍

‍We provide a comprehensive suite of insurance coverage that includes General Liability, Technology Errors & Omissions, Cyber Liability, and Management Liability coupled with the most cost-effective SOC 2 compliance certification on the market.

‍

‍Ready to learn more? Visit our website at https://www.koop.ai or drop us a note at hello@koop.ai.