Here’s what SOC 2 compliance audits mean for crypto projects

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Whereas belief within the crypto area was severely broken by a sequence of worldwide incidents, some nonetheless hope to regain this belief by going by way of processes that present assurances of compliance with sure enterprise requirements like the correct dealing with of buyer information. 

Numerous corporations have printed press releases to announce their compliance with the Service and Group Controls (SOC) 2 Sort 2 audit, which was created to attest to the safety and data-handling prowess of their corporations.

To be taught extra about what such a safety audit means for the trade, Cointelegraph reached out to Eric Lister, the director of service supply at audit agency A-LIGN, to see what such a certification might do for crypto corporations.

In an announcement, Lister highlighted a number of the parts they’re on the lookout for throughout this audit, what this implies for the crypto area and the way this helps crypto corporations to do higher. Based on Lister: “At a really fundamental degree, we’re on the lookout for insurance policies and procedures that define routine enterprise procedures that information the operation of the enterprise.” 

As well as, the auditors search for documentation that reveals controls that make sure that the procedures are working successfully and are guaranteeing the safety of the agency’s system and its corresponding information. He stated:

“Crypto faces a problem with information of management points at exchanges prior to now 12 months. SOC 2 audits enable crypto corporations to display belief and transparency with prospects, particularly in terms of safeguarding buyer information and property.”

Lister famous that the profitable SOC 2 audit would present information and system safety. Furthermore, the manager stated that it might additionally attest to safety over buyer funds which is the topmost concern of consumers and authorities businesses.

Associated: BitGo completes additional SOC 2 compliance certification 12 months after Deloitte award

Whereas the audit supplies assurances, Lister clarified that it doesn’t enhance enterprise techniques. “The SOC certification doesn’t enhance enterprise techniques, nevertheless it offers consolation to customers and events that controls are in place and working successfully,” he defined.

Many outstanding crypto corporations have already handed this audit course of. On July 6, crypto lending agency Nexo stated that it has strengthened its information safety by passing this course of. Based on Nexo, this occasion is a brand new milestone that enhances person safety inside their platform.

In 2022, crypto alternate additionally announced that it handed the SOC 2 Sort 2 audit. Again then, the agency highlighted that passing the audit proves its dedication to assembly extremely regulated requirements. 

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