Home Crypto News Kraken completes SOC 2, Kind I for custody and funding providers – Kraken Weblog

Kraken completes SOC 2, Kind I for custody and funding providers – Kraken Weblog

by Cryptoroz

As a part of Kraken’s dedication to shopper safety, we’ve got accomplished and handed an impartial auditor’s examination over inner controls as outlined by the American Institute of Licensed Public Accountants (“AICPA”) SOC 2, Kind I compliance normal. 

We’d wish to share particulars about this course of and the way it serves our mission to be one of the crucial safe crypto exchanges on the earth.

What’s SOC 2, Kind I?

SOC 2, Kind I is an impartial third-party auditor’s examination over inner controls centered on the safety and availability of programs and knowledge. The audit course of helps to confirm that Kraken has carried out the required controls to guard buyer knowledge and funds. AICPA conducts the examination primarily based by itself Belief Providers Standards and in accordance with its Code of Skilled Conduct.

The AICPA’s Belief Providers Standards consist of 5 classes: 

  1. Safety
  2. Availability
  3. Processing integrity
  4. Confidentiality
  5. Privateness

Every class features a strong set of standards that organizations should meet, relying on the scope of the examination. The AICPA designed the factors to assist organizations determine and tackle potential dangers and vulnerabilities of their info programs. Organizations should additionally display that they’ve carried out acceptable controls to guard their info programs from unauthorized entry, use, or disclosure.

What does SOC2, Kind I imply for you?

For Kraken, the completion of the SOC 2, Kind I examination demonstrates our dedication to safety and the safety of buyer knowledge and funds. Kraken achieved its SOC 2, Kind I report throughout the Safety and the Availability Belief Providers Standards as outlined by AICPA. The report covers Kraken’s funding providers and custody capabilities. 

We consider that the auditor’s unqualified opinion demonstrated that Kraken had distinctive inner controls on safety and availability.

So, what does this imply for you? 

It signifies that we provide proof, not guarantees, about our world-class safety. In fulfilling the necessities for SOC 2, Kind I, we’ve got demonstrated that our safety practices meet world requirements. This examination permits us to not simply declare, however independently show that your security and privateness at Kraken are paramount.

For Kraken, the dedication to evaluations carried out by impartial auditors and different our bodies is a testomony to our unwavering dedication to demonstrating that our purchasers’ funds, NFTs, and privateness are safe.

“We proceed to stage up our safety, availability, privateness and belief for our stakeholders. I’m extraordinarily happy with our staff at Kraken for reaching this milestone. The audit was a big effort that spanned many months and was cross-functional involving a number of groups,” stated Koushik Subramanian, Director of Safety Threat Administration at Kraken.

Safe your crypto journey

Kraken constantly explores avenues to validate the power of our safety program and dedication to an efficient inner management atmosphere. The issuance of the SOC 2, Kind I opinion for Kraken’s custody and funding service demonstrates our dedication to our purchasers’ privateness and safety. 

Kraken stays devoted to the continuing enhancement of our management program and deepening our investments within the revolutionary safety measures that maintain you secure. Our collaboration with impartial third-party assessors and auditors helps validate our efforts for all to see. We’re proud to be acknowledged as a digital asset platform that’s dedicated to defending your monetary freedom.

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