Tether Achieves Highest Security Compliance with SOC 2 Type 1 Audit
The firm behind the top USD-pegged stablecoin, Tether, is unveiling the outcomes of a recent security inspection, indicating a significant step toward establishing the highest level of security compliance an organization can demonstrate.
SOC 2 Type 1 Audit Overview
- Tether, a key player in the cryptocurrency sector, announces a notable security update.
- The company underwent the System Organization Control (SOC) 2 Audit Type 1 as the preliminary step toward attaining the highest level of security compliance.
Key Audit Criteria
- The American Institute of Certified Public Accountants (AICPA) created the SOC 2 Type 1 audit, considered the “gold standard” in compliance.
- Five key criteria were evaluated during the audit:
- Security: Adherence to security measures like firewalls and enhanced authentication protocols.
- Availability: Focus on network reliability and problem resolution efficiency.
- Processing Integrity: Ensuring accurate data delivery.
- Confidentiality: Strict data access restrictions.
- Privacy: Responsible handling of personal information.
CEO’s Perspective
- Paolo Ardoino, CEO of Tether, emphasizes the importance of the compliance measure.
- The step assures customers that their assets and data are managed with the highest security standards.
Future Plans
- Tether aims to achieve the SOC 2 Type 2 Certificate by the end of the following year.
- Previously, the company assisted US officials in seizing millions from an unhosted crypto wallet linked to a scam network.
Hot Take: Tether’s Security Audit Sets High Standards
As Tether establishes robust security protocols through the SOC 2 Type 1 Audit, the cryptocurrency community acknowledges the commitment to compliance and customer protection.
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