Cryptocurrency SOC Audit
Provide High Value Security
Cryptocurrency SOC Audit
Cryptocurrency has had a meteoric rise in popularity and growth in the last several years. However, Cryptocurrency is still a relatively new technology, with the first being created around ten years ago, and is global and therefore very hard to regulate. That’s why a Cryptocurrency SOC Audit is so important. As an unregulated asset, these extremely valuable currencies present several security risks for potential investors such as:
- Hackers & Virtual Attacks
- Vulnerable Wallets
- Double Spending
A SOC Audit is perfect to avoid these potential risks and shows their potential clients that their data and invested finances are secure.
SOC 1 or SOC 2 for Cryptocurrency Organizations?
With Cryptocurrency being a financial and investment entity, a SOC 1 Audit is great for any organization that deals in Crypto. A SOC 1 Audit tests the controls over the financial aspects of a service organization and affirms the strength of those controls to potential clients. However, a SOC 2 audit can also be incredibly useful as they show the highest level of security and protection, and with the value of Cryptocurrency assets being so high, this level of security can often make a big difference for potential consumers.
Organizations That Could Benefit the Most From SOC 1 Examinations Include:
- Exchange Service Providers
- Cloud Service Providers
- Crypto-Wallet & Crypto-Credit Card Providers
What Are Some Potential Risks and Consequences of Not Being SOC Certified?
- Loss of customers or future sales due to security uncertainty
- Lack of differentiation from competition
- Falling behind on potential regulations
- Higher risk of data breach and loss of customer trust
