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Glossary

SOC 1

Audit report on controls relevant to financial reporting (SSAE 18).

E-Commerce

SOC 1 attests to controls that impact financial reporting (e.g., billing, payouts). It is often requested by finance teams to ensure service organizations do not introduce errors in financial data.

For broader security posture, see SOC 2 or ISO 27001. SOC 1 reports are typically Type II (operating effectiveness over time).

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Related terms

Keep learning with these nearby definitions.

Acquirer
Bank or payment institution that signs merchants and routes their card transactions into the card networks.
Apple Pay
Mobile wallet by Apple that tokenizes cards for contactless and in-app payments.
Card Fraud
Unauthorized card use or theft of credentials to initiate transactions.
Card Network
Payment network (e.g., Visa/Mastercard) that sets rules and routes card transactions between issuers and acquirers.
SOC 1