SOC 2 for fintech reuses 6 PCI DSS controls under CC6 and CC7
Financial software faces tighter scrutiny than most SaaS categories. Here is how fintech companies approach SOC 2 alongside PCI DSS, bank partner due diligence, and financial data regulations.
Fintech companies face a heavier compliance burden than most SaaS categories. Enterprise customers and bank partners both run thorough security reviews, and regulatory requirements often overlap with SOC 2 scope.
The good news is that the work you do for SOC 2 significantly reduces the lift for PCI DSS and other financial regulations. The access controls, encryption standards, incident response processes, and vendor risk management required by SOC 2 are largely the same controls required by PCI DSS. Getting SOC 2 first is usually the right sequencing for fintech companies that will eventually need both.
SOC 2 controls critical for fintech
Access controls for financial data
Role-based access, least privilege enforcement, and quarterly access reviews are scrutinized heavily when customer financial data is in scope.
Encryption of financial data at rest and in transit
AES-256 at rest and TLS 1.2 or higher in transit are baseline expectations. Key rotation schedules and HSM usage for cardholder data are often required by bank partners.
Transaction processing integrity
If your system processes payments or financial calculations, Processing Integrity controls require complete, valid, accurate, timely, and authorized processing with end-to-end reconciliation.
Incident response with financial impact assessment
Fintech incident response plans must include classification of financial data exposure, notification requirements, and recovery procedures beyond standard security incidents.
Audit trails for financial operations
Immutable, append-only logs covering all financial transactions and administrative actions are required. These logs must be retained for defined periods and protected from tampering.
Third-party financial processor risk
Banking partners, payment processors, and card networks that you integrate with must be assessed and documented in your vendor risk program.
SOC 2 and PCI DSS: where they overlap
| Control area | SOC 2 | PCI DSS |
|---|---|---|
| Access management | CC6.1, CC6.2, CC6.3 | Requirement 7, 8 |
| Encryption | CC6.6 | Requirement 3, 4 |
| Vulnerability management | CC7.1 | Requirement 6, 11 |
| Incident response | CC7.2 | Requirement 12.10 |
| Network security | CC6.1, CC6.6 | Requirement 1, 2 |
| Monitoring and logging | CC7.2, CC7.3 | Requirement 10 |
Control mapping is approximate. Work with a qualified assessor to confirm exact coverage for your specific scope.
Frequently asked
Do fintech companies need SOC 2?
Yes. Enterprise customers and bank partners both require SOC 2 Type II for fintech vendors. It is standard due diligence for any platform that handles financial data.
Is SOC 2 enough, or do I also need PCI DSS?
If your product handles credit or debit card data, you need both. SOC 2 and PCI DSS overlap significantly, so achieving one reduces the lift for the other. Get SOC 2 first for most fintech teams.
What SOC 2 categories apply to fintech?
Security is mandatory. Availability is critical for payment processing. Processing Integrity applies when your system makes financial calculations. Confidentiality applies when handling non-public financial information.
How does SOC 2 relate to SOX?
SOC 2 is a security certification, not a financial reporting standard. SOX governs financial reporting for public companies. A fintech serving public companies may need evidence supporting both, but they are separate compliance programs.
See also: SOC 2 overview and SOC 2 for startups
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