- Tether has announced a major security update.
- The update comes after an independent audit of the companyโs security controls.
- The audit report revealed Tetherโs commitment to security.
USDT issuer Tether has achieved the โhighest level of security compliance an organization can demonstrateโ 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 organizationโs 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 companyโs security controls demonstrated its commitment to being โthe worldโs most trusted and compliant stablecoin.โ
โThis 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,โ Ardoino stated.
Per the statement, the SOC 2 Type 1 audit reaffirms Tetherโs dedication to ensuring strong security measures for token holders. It serves as a proactive step to transparency, building trust with users, and โengaging constructivelyโ with regulatory authorities.
The company promised to undergo a SOC 2 Type 2 audit to examine the operating effectiveness of its internal controls over 12 months (2024/25.)
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