Tether Announces Completion of System Organization Control (SOC) 2 Type 1 Audit

by Tether | Apr 1 2024

1 April 2024 - Tether, the largest company in the cryptocurrency industry, announced a significant security update today. The company underwent the System Organization Control (SOC) 2 Audit Type 1, marking the initial phase of achieving the highest level of security compliance an organization can demonstrate. The SOC 2 Type 1 audit examination is a gold standard in security compliance developed by the American Institute of Certified Public Accountants (AICPA), and underscores Tether's position as an industry leader committed to delivering a secure experience.

SOC 2’s criteria are based on five key ‘trust service principles’: 

  • Security: Implemented measures such as firewalls, intrusion detection, and enhanced authentication protocols to safeguard customer data.

  • Availability: Focuses on maintaining a reliable and active network, while also addressing efficiency in problem resolution.

  • Processing Integrity: Focuses on whether systems achieve their purpose, delivering accurate data at the right price and at the right time.

  • Confidentiality: Restricts data access and disclosure to authorized individuals or organizations, with a strong emphasis on encrypting data during transmission.

  • Privacy: Ensures responsible collection, use, retention, and disclosure of personal information.

The SOC 2 Type 1 Report is based on Security, Availability, Processing Integrity and Confidentiality, ensuring that Tether had robust IT control measures in place to make sure their systems were safe, could be accessed when needed and kept information private. It examines measures such as firewalls, intrusion detection, and enhanced authentication for customers, along with network reliability and problem resolution speed.

“This compliance measure assures our customers that their assets and data are managed in an environment meeting the highest standards for data protection and information security,” said Paolo Ardoino, Tether’s CEO. “This independent validation of security controls is vital for Tether, demonstrating our commitment to being the world’s most trusted and compliant stablecoin."

Tether constantly updates its security strategy, focusing on leading with innovative technology, transparency, and accountability to its stablecoin users. Its commitment to completing the SOC 2 Type 1 audit reaffirms its dedication to ensuring strong security measures for token holders. This proactive step aligns with Tether's commitment to transparency, building trust within the user community, and engaging constructively with regulatory authorities.

Tether has also committed to undergo the SOC 2 examinations annually to ensure that its operations and security practices are consistently operated to the highest standards. In 2024/25, the company aims to achieve the SOC 2 Type 2 Certificate, which evaluates the criteria of Security, Availability, Confidentiality, Privacy and Processing Integrity and assesses the operating effectiveness of Tether's internal controls over a period of 12 months.

To learn more about Tether assurance reports and attestations please visit the Tether transparency page.

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