Security in the cryptocurrency market, and its related products, is a long-revered feature by both users and long-term investors.
While digital asset businesses firms boast of top-notch security and protection, hacks and scams have, time and again, led to an overall loss of confidence about the claims made by several firms.
To this end, some crypto firms are gaining internationally acclaimed, third-party security and standards verification to bolster consumer confidence.
On the heels of Cardano gaining an ISO certificate earlier last month, another Hong Kong business, Crypto.com, received a security rating from an international agency on June 2.
“Gold Standard” security
As per a release shared with CryptoSlate, Crypto.com, the Hong Kong-based crypto wallet and financial services firm, is one of the first to receive an ISO/IEC 27701:2019 privacy certification. The rating comes after extensive and numerous third-party audits.
🌟Milestone – @cryptocom becomes the 1st cryptocurrency company in the world to achieve ISO/IEC 27701:2019 Certification! 🥇
We will continue to maintain the highest standard of security and privacy in the industry.
Full details – https://t.co/92wWUv3eOU #security #crypto pic.twitter.com/aMrd7VTAF5
The so-termed “Gold Standard” of security certifications adds to the firm’s strategy of “Defense in Depth.” The certificate, as per information found here, implements guidelines for data protection in terms of any personally identifiable information (PII), within an organization.
SGS, a global body with over 2,600 offices worldwide, granted the certificate to Crypto.com. The firm is based in Switzerland and provides independent verification, audit, and certification services.
Jason Lau, the Chief Information Security Officer of Crypto.com, spoke with CryptoSlate about some of the benefits of such a certification.
Lau states the ISO27701:2019 certification builds upon Crypto.com’s existing security certifications, adding to the firm’s commitment to data privacy across all company processes.
Company-wide milestone! The new #iso27701 is assurance to our customers that we are committed to continuously improving our data privacy management as we continue to expand globally. Congrats! @cryptocom @Kris_HK https://t.co/mazepqUobv
— Jason Lau (@JasonCISO) June 2, 2020
The certificate is part of a larger security management certification, which typically focusses on continuous security and privacy features instead of a “point in time” audit. Lau added:
“The organization will need to maintain stringent policies, procedures, controls, and commitment to continuously improve in order to maintain its certification status.”
He noted all private and public corporations can “determine the scope” of an audit, meaning the extent of security features assessed and their impact on the user. However, Crypto.com took the long route and covered “multiple departments, functions, and products,” claimed Lau.
Crypto users more protected
In Lau’s words, the certification took over six months to complete via a company-wide audit, ensuring all privacy information management system was working continuously to improve data privacy in day-to-day operations and was built into every product in our ecosystem.
User information is now more protected. Additional layers have been placed throughout the organization to make it harder for the attacker to achieve their goals, said Lau.
Meanwhile, he noted:
“Currently, there are regions around the world where crypto regulations have either not been created yet, or are in the very early stages of being enforced.”
Crypto.com, and it’s CRO token, are valued in the top-15 cryptocurrency networks in the world by market cap. The firm provides financial services to users, with its main product being a rather innovative crypto debit card that awards loyalty points to users based on their transaction volumes for real-world products and services.