The Ledger crypto wallet passed the official security audit which was meant to ensure that customer information is handled properly so let’s find out more in our latest blockchain news.
Ledger, the crypto company that provides a number of hardware wallet solutions has finally obtained a successful System and Organization Controls Type 1 test. Friedman LLP, which is an Accounting New-York based accounting firm, ran the SOC2 Type 1 test on the Ledger crypto wallet according to t the statement that we have today in our crypto news:
“By obtaining the SOC 2 Type 1 report, we are now able to provide an additional layer of verified security to our clients, assuring that the Vault solution is secured at all times and that we have the processes in place to ensure availability.”
Crypto storage solutions fro larger players and companies like Crypto Vault operate as a custody wing under the bigger Ledger company. The SOC 2 exam analyzes a company’s security by conducting an audit that verifies the proper handling of customer information by service-based entities. A blog post from RSI explained:
“As a proof of compliance to the AICPA auditing procedure, SOC 2 Type 1 report shows that a SaaS [software-as-a-service] firm has best practices in place. It gives potential customers the assurance that a service organization has passed the said auditing procedure, and that their data is safe if they work with the SOC 2-compliant company.”
On the contrary, a SOC type 2 exam raises the bar by testing against more in-depth standards while still requiring a longer time horizon to get a green light. During the SOC 2 Type 1 analysis, Friedman analyzed Ledger on a number of levels like the disaster recovery strategy and security as well as the host of other technical specifics. Ledger’s chief technology officer Charles Guillemet said in a statement:
“Receiving this attestation is an achievement as it shows our processes and systems are streamlined, documented and overall security.”
In 2021, the company aims towards securing a SOC 2 Type 2 approval as it can be seen from the comments int eh statement from the CEO of Ledger Pascal Gauthier. The green light after the exam came after Ledger suffered a database leak a few months ago which exposed customers’ information as the popular hardware company fixed the root of the issue after the incident. Crypto exchange Gemini announced that it also passed the SOC 2 Type 2 test back in January in 2020 before Ledger crypto wallet passed the audit.
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