Tether Reaffirms Security Compliance with SOC 2 Type 1 Audit

Tether announces a major security update, reaffirming its compliance with the SOC 2 Type 1 standards.

by Brian Danga. Fact checked by: Ciaran Lawler, Editor: Nazar Kuzmyn

Published: April 1, 2024 │ 3:45 PM GMT

Two robots analysing Tether progress. — *Created by Kornelija Poderskytė from DailyCoin*

Tether has announced a major security update.
The update comes after an independent audit of the company’s security controls.
The audit report revealed Tether’s commitment to security.

USDT issuer Tether has achieved the “highest level of security compliance an organization can demonstrate” following an independent System Organization Control (SOC 2 Type 1) audit, the company said on Monday.

Developed by the American Institute of Certified Public Accountants (AICPA), the SOC 2 Type 1 audit evaluates an organization’s IT control measures based on security, availability, processing integrity, confidentiality, and privacy.

Tether Achieves SOC 2 Type 1 Security Compliance

According to an announcement dated April 1, Tether underwent a SOC 2 Type 1 audit, ensuring that the company had robust IT measures to guarantee its systems were safe, could be accessed when needed, and kept the information private.

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Besides evaluating whether Tether implemented enhanced authentication protocols for customers, the security audit examined measures such as firewalls, intrusion detection, network reliability, and problem resolution speed.

Tether CEO Paolo Ardoino lauded the achievement, noting that independent validation of the company’s security controls demonstrated its commitment to being “the world’s most trusted and compliant stablecoin.”

“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,” Ardoino stated.

Per the statement, the SOC 2 Type 1 audit reaffirms Tether’s dedication to ensuring strong security measures for token holders. It serves as a proactive step to transparency, building trust with users, and “engaging constructively” with regulatory authorities.