SOC 2 and ISO 27001 are both critical frameworks for information security, but they serve different purposes and industries. SOC 2 (Service Organization Control 2) is specifically designed for service providers that handle customer data, focusing on five trust service criteria: security, availability, processing integrity, confidentiality, and privacy. SOC 2 reports demonstrate how an organization safeguards its client data over time, making it crucial for businesses in cloud computing and software-as-a-service (SaaS).