TETHER PASSES SOC 2 TYPE 1 SECURITY AUDIT 

Tether has successfully carried out a significant security audit, underscoring its dedication to compliance and trustworthiness.

In a recent announcement, the leading stablecoin issuer reported the completion of the System Organization Control (SOC) 2 Type 1 Audit, marking the initial step towards achieving top-tier security compliance.

Security Audit Achievement by Tether

The SOC 2 examination, as defined by the American Institute of Certified Public Accountants (AICPA), provides a comprehensive report on the controls related to security, availability, processing integrity, confidentiality, or privacy of a company’s systems. This examination serves to give detailed insights and assurances about the controls at a service organization.

The completion of the SOC 2 Type 1 audit by Tether is recognized as a benchmark in security compliance by the AICPA, emphasizing Tether’s focus on secure service provision.

The audit verified that Tether has in place stringent IT security controls to protect its systems, ensures the availability of services, and guarantees that confidential information is securely shared only with authorized parties using encryption. The review included assessments of Tether’s firewall implementations, the efficiency of issue resolutions, client authentication processes, intrusion detection systems, and the overall reliability of its network.

“Our adherence to these compliance standards reassures our clients that their funds and personal information are safeguarded under the strictest data protection and information security standards. Achieving this independent endorsement of our security measures is crucial for Tether, reinforcing our position as the leading, most reliable, and compliant stablecoin in the market,” Tether’s CEO Paolo Ardoino commented.

Commitment to Excellence

Tether has pledged to perform SOC 2 evaluations yearly, with aspirations to obtain the SOC 2 Type 2 Certification by 2025, which examines the efficacy of internal controls over a 12-month period. This initiative is part of Tether’s commitment to maintain and elevate its security protocols to the highest industry benchmarks.

“By continually refining our security approach, prioritizing cutting-edge technology, transparency, and accountability to our stablecoin consumers, Tether reaffirms its dedication to security. This effort to pass the SOC 2 Type 1 audit demonstrates our ongoing commitment to safeguarding token owners and bolsters trust within our community while fostering positive interactions with regulators,” Tether elaborated.

In related news, Tether has recently augmented its cryptocurrency holdings, acquiring 8,889 BTC valued at $627 million. As of the latest update, Tether’s Bitcoin holdings are valued at $5.26 billion.

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