In an effort to regain trust in the crypto space following a series of global incidents, some companies are seeking compliance with industry standards to assure customers of their commitment to secure and responsible data handling. One such standard is the Service and Organization Controls (SOC) 2 Type 2 audit, which evaluates the security and data-handling capabilities of firms operating in the crypto industry. To shed light on the significance of this certification for crypto companies, Cointelegraph interviewed Eric Lister, the director of service delivery at A-LIGN, an audit firm specializing in SOC 2 audits.
Lister emphasized that during the audit process, auditors look for policies and procedures that outline routine business operations, ensuring that businesses have effective controls in place to protect their systems and data. He noted that SOC 2 audits play a vital role in enabling crypto companies to demonstrate trust and transparency to their customers, particularly in safeguarding customer data and assets. By successfully completing the SOC 2 audit, companies can showcase their commitment to data and system security as well as reassure customers and government agencies about the safety of customer funds.
However, it’s important to note that while SOC 2 compliance audits provide assurances, they do not directly improve a company’s business systems. Lister clarified that the certification serves as a form of comfort for users and interested parties by affirming that adequate controls are in place and functioning effectively.
Several prominent crypto companies have already undergone and passed the SOC 2 audit. For instance, Nexo, a crypto lending firm, recently announced that it has strengthened its data security by achieving SOC 2 Type 2 compliance. Similarly, crypto exchange crypto.com revealed in 2022 that it had successfully completed the SOC 2 Type 2 audit, highlighting its dedication to meeting rigorous regulatory standards.
By embracing SOC 2 compliance audits, crypto companies aim to rebuild trust and confidence in the industry. These audits offer an independent validation of a company’s commitment to data privacy and protection, aligning their processes with globally recognized standards. As the crypto landscape continues to evolve, demonstrating adherence to robust security measures becomes increasingly important for companies seeking to differentiate themselves and provide peace of mind to their users.