Ledger, a cryptocurrency company that offers various hardware wallet solutions, received a successful test from System and Organization Controls (SOC) for its acronym in English, Type 1.
Friedman LLP, a New York-based accounting firm, SOC 2 type 1 test carried out on the ledger, according to a statement to Cointelegraph:
“By receiving the SOC 2 Type 1 report, we can now offer our customers an additional layer of verified security to ensure that the Vault solution is secure at all times and that we have the processes in place to ensure availability.”
A cryptocurrency storage solution for big players and businesses, Ledger Vault acts as the escrow wing under the larger Ledger company.
The proof SOC 2 analyzes the security of a company through an audit and verifies the correct handling of customer information by companies based on the service. “As evidence of AICPA compliance, the SOC 2 Type 1 report shows that a SaaS (Software as a Service) company has best practices,” explained a post by Blog from RSI Security. “It gives potential customers the peace of mind that a service organization has passed such a review process and that their data is safe when working with the company that complies with SOC 2.” added the post.
Vice versa, A SOC 2 Type 2 test raises the bar and compares it to more detailed standards while taking a longer period of time to get approval.
During the SOC 2 Type 1 analysis, Friedman examined Ledger at several levels, including his disaster recovery strategy and security, as well as a number of other technical details. “Earning this certificate is an achievement as it shows that our processes and systems are streamlined, documented and generally secure.” said Ledgers Chief Technology Officer, Charles Guillemet, in the statement. The company is aiming for approval next year SOC 2 type 2, according to the comments in the statement by Ledger’s CEO, Pascal Gauthier.
Green exam light comes after Ledger suffers a database leak A few months ago you disclosed your customer information. The popular hardware wallet company Fixed the root of the problem after the catastrophic incident.
The cryptocurrency exchange Gemini announced that it also passed its SOC 2 Type 2 test in January 2020.