Crypto.com Completed the SOC 2 Type II Compliance Audit, Carried by Deloitte

Advertisements

Crypto.com announced it has completed the compliance audit for Service Organization Control (SOC) 2 Type II. The audit was independently carried out by Deloitte.

SOC Type 2 as opposed to SOC Type 1 includes a long-term analysis of the company’s security, design and safeguards over an extended period of time.

It also provides assurance to both existing and future customers that their data is safe.

On 17 August 2022, Crypto.com announced it gained approval from the FCA to operate as a cryptoasset business. The approval allows the company to offer its products and services to UK customers.

Officials’ Remarks

Kris Marszalek, the CEO of Crypto.com, was pleased with the audit: “I am extremely proud of our commitment to compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term
, and this latest achievement is a testament to our security, privacy, and regulatory compliance capabilities which have been cornerstones of our business since day one.

“We will continue investing aggressively in building a most trusted platform for our users that maintains the highest standards of security and privacy in the industry.”

Jason Lau, the Chief Information Security Officer at Crypto.com, added: “Achieving SOC 2 Type II certification is yet another step in reinforcing Crypto.com’s continuous commitment to security and data privacy by design.

“With the ever-evolving threat landscape, we will continue to ensure we maintain the highest level of security and data privacy so our customers can feel confident and trust our products.

“SOC 2 is an internationally respected security assessment criteria, and in line with highly regulated industries like the financial sector.”

Crypto.com is the first virtual asset service provider to be certified for ISO 22301:2019, ISO/IEC 27701:2019, ISO/IEC 27001:2013 and PCI-DSS v3.2.1 Level 1 compliance.

Furthermore, the company is assessed as Tier 4, which is the highest level for both NIST Cybersecurity
Cybersecurity

Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer system or a network against hacking or unauthorized access. Why Cybersecurity MattersCybersecurity is a huge concern for individuals given our reliance on computers, laptops, smart phones, the Internet, etc.These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative. In the modern world, with every person and business connected, everyone benefits from advanced cyber-defense programs. At an individual level, a cybersecurity attack can result in everything from identity theft, to extortion attempts, to the loss of essential data like family photos. Everyone relies on critical infrastructures like power plants, hospitals, and financial service companies. Securing these and other organizations is vital to keeping our society functioning. Significant sources of cybersecurity threats include phishing, ransomware, malware, and social engineering, among others.With the rise of cryptocurrencies over the past decade, cybersecurity has also reached even greater importance a safeguard against abuse.

Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer system or a network against hacking or unauthorized access. Why Cybersecurity MattersCybersecurity is a huge concern for individuals given our reliance on computers, laptops, smart phones, the Internet, etc.These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative. In the modern world, with every person and business connected, everyone benefits from advanced cyber-defense programs. At an individual level, a cybersecurity attack can result in everything from identity theft, to extortion attempts, to the loss of essential data like family photos. Everyone relies on critical infrastructures like power plants, hospitals, and financial service companies. Securing these and other organizations is vital to keeping our society functioning. Significant sources of cybersecurity threats include phishing, ransomware, malware, and social engineering, among others.With the rise of cryptocurrencies over the past decade, cybersecurity has also reached even greater importance a safeguard against abuse.
Read this Term
and Privacy Frameworks.

Crypto.com announced it has completed the compliance audit for Service Organization Control (SOC) 2 Type II. The audit was independently carried out by Deloitte.

SOC Type 2 as opposed to SOC Type 1 includes a long-term analysis of the company’s security, design and safeguards over an extended period of time.

It also provides assurance to both existing and future customers that their data is safe.

On 17 August 2022, Crypto.com announced it gained approval from the FCA to operate as a cryptoasset business. The approval allows the company to offer its products and services to UK customers.

Officials’ Remarks

Kris Marszalek, the CEO of Crypto.com, was pleased with the audit: “I am extremely proud of our commitment to compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a system of checks and balances that prevents fraud and inefficiencies.Additionally, this also ensures cooperation with federal financial regulations with the ultimate goal of protecting the public and provide needed information to governmental agencies to stop fraud, money laundering, and terrorist funding. Compliance in the financial industry offers stability to the markets and serves to protect customers, workers, and taxpayers from ethical threats that are inherited in individual decisions.Many organizations are also obligated to track and store compliance data. This includes all data that is relevant or belongs to a company, brokerage, etc. that can be used for the purpose of implementing or validating compliance or regulatory reporting.Given shifting regulations and the importance of compliance, the use of advanced software is increasingly being implemented to help companies manage their compliance data more efficiently. This cache includes calculations, data transfers, and audit trails.While finance is a globally unified concept, compliance is not. Regulatory compliance varies across both industries and jurisdictions. For example, the financial regulatory structures of one country may be lacking or different in another. Of note, the most tightly regulated jurisdictions in terms of compliance in the forex industry include the United States, United Kingdom or most European Union countries, Australia, New Zealand, Canada, and others.
Read this Term
, and this latest achievement is a testament to our security, privacy, and regulatory compliance capabilities which have been cornerstones of our business since day one.

“We will continue investing aggressively in building a most trusted platform for our users that maintains the highest standards of security and privacy in the industry.”

Jason Lau, the Chief Information Security Officer at Crypto.com, added: “Achieving SOC 2 Type II certification is yet another step in reinforcing Crypto.com’s continuous commitment to security and data privacy by design.

“With the ever-evolving threat landscape, we will continue to ensure we maintain the highest level of security and data privacy so our customers can feel confident and trust our products.

“SOC 2 is an internationally respected security assessment criteria, and in line with highly regulated industries like the financial sector.”

Crypto.com is the first virtual asset service provider to be certified for ISO 22301:2019, ISO/IEC 27701:2019, ISO/IEC 27001:2013 and PCI-DSS v3.2.1 Level 1 compliance.

Furthermore, the company is assessed as Tier 4, which is the highest level for both NIST Cybersecurity
Cybersecurity

Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer system or a network against hacking or unauthorized access. Why Cybersecurity MattersCybersecurity is a huge concern for individuals given our reliance on computers, laptops, smart phones, the Internet, etc.These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative. In the modern world, with every person and business connected, everyone benefits from advanced cyber-defense programs. At an individual level, a cybersecurity attack can result in everything from identity theft, to extortion attempts, to the loss of essential data like family photos. Everyone relies on critical infrastructures like power plants, hospitals, and financial service companies. Securing these and other organizations is vital to keeping our society functioning. Significant sources of cybersecurity threats include phishing, ransomware, malware, and social engineering, among others.With the rise of cryptocurrencies over the past decade, cybersecurity has also reached even greater importance a safeguard against abuse.

Cybersecurity is a blanket term that refers to the protection of computer systems and networks from the theft.More broadly speaking, cybersecurity can also represent countermeasures against damage to hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide.It was not long ago that the term cybersecurity not exist as it was first used in 1989. In today’s vernacular cybersecurity, refers to measures taken to protect a computer or computer system or a network against hacking or unauthorized access. Why Cybersecurity MattersCybersecurity is a huge concern for individuals given our reliance on computers, laptops, smart phones, the Internet, etc.These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative. In the modern world, with every person and business connected, everyone benefits from advanced cyber-defense programs. At an individual level, a cybersecurity attack can result in everything from identity theft, to extortion attempts, to the loss of essential data like family photos. Everyone relies on critical infrastructures like power plants, hospitals, and financial service companies. Securing these and other organizations is vital to keeping our society functioning. Significant sources of cybersecurity threats include phishing, ransomware, malware, and social engineering, among others.With the rise of cryptocurrencies over the past decade, cybersecurity has also reached even greater importance a safeguard against abuse.
Read this Term
and Privacy Frameworks.

Leave a Comment

Your email address will not be published. Required fields are marked *