In an effort to regain trust in the crypto industry, some companies are seeking compliance with business standards through security audits. One such audit is the service and organization controls (SOC) 2 type 2 audit, which attests to a firm’s security and data-handling capabilities.
Eric Lister, the director of service delivery at audit firm A-LIGN, explained the elements that auditors look for during the SOC 2 audit. They examine policies and procedures that outline routine business operations and ensure they are effectively implemented. The auditors also assess controls that protect the firm’s systems and data, including customer data and assets.
The crypto industry has faced challenges regarding control issues at exchanges in recent months. The SOC 2 audit enables crypto companies to demonstrate trust and transparency to their customers, particularly in safeguarding customer data and assets.
Lister emphasized that a successful SOC 2 audit provides assurances of data and system security, addressing the concerns of customers and government agencies. However, he clarified that the audit does not improve business systems but rather provides comfort to users and stakeholders that effective controls are in place.
Several prominent crypto companies have already passed the SOC 2 audit. Nexo, a crypto lending firm, announced on July 6 that it had strengthened its data security by successfully completing the audit, enhancing user security on its platform. Similarly, in 2022, crypto exchange crypto.com revealed that it had passed the SOC 2 type 2 audit, showcasing its commitment to meeting highly regulated standards.
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