Tether Raises Industry Security Bar with SOC 2 Type 1 Certification

On 1 April 2024, Tether, the leading cryptocurrency, announced it had achieved the System Organization Control (SOC) 2 Audit Type 1, the initial phase towards obtaining the highest industry security compliance. This audit focuses on five key 'trust service principles': Security, Availability, Processing Integrity, Confidentiality, and Privacy, ensuring Tether's robust IT control measures and commitment to protecting customer assets and data.

Tether Spearheads Industry Security with SOC 2 Audit Type 1 Certification

April 1, 2024 - Tether, the behemoth of the cryptocurrency industry, has taken a monumental stride towards safeguarding its users' assets and data with the announcement of its SOC 2 Audit Type 1 certification. This achievement marks the culmination of meticulous efforts to attain the pinnacle of security compliance and underscores Tether's unwavering commitment to delivering an unparalleled user experience.

The SOC 2 Audit Type 1 examination, meticulously crafted by the American Institute of Certified Public Accountants (AICPA), epitomizes the gold standard in security compliance. By undergoing this rigorous audit, Tether has unequivocally established its position as an industry vanguard, setting benchmarks for security and reliability.

The SOC 2 criteria are meticulously designed around five inviolable "trust service principles":

1. Security: Unflinching implementation of robust measures, such as impenetrable firewalls, vigilant intrusion detection systems, and enhanced authentication protocols, to safeguard customer data from malicious actors.
2. Availability: Unwavering focus on maintaining a network that is perpetually reliable and accessible, complemented by unparalleled efficiency in resolving any technical hiccups.
3. Processing Integrity: Unyielding adherence to the principle that systems flawlessly fulfill their intended purpose, delivering accurate and timely data without fail.
4. Confidentiality: Strict enforcement of data access and disclosure protocols, granting access only to authorized entities. Encryption of data during transmission is a paramount consideration.
5. Privacy: Responsible handling of personal information, encompassing ethical collection, prudent use, secure retention, and responsible disclosure practices.

The SOC 2 Type 1 Report, a detailed compendium of Tether's security measures, meticulously scrutinizes the company's IT control systems to ensure the implementation of robust safeguards. It evaluates measures such as firewalls, intrusion detection systems, and enhanced authentication protocols for customer protection, alongside the reliability of the network and the speed of problem resolution.

"This compliance milestone provides unwavering assurance to our customers that their assets and data reside within an environment that adheres to the most stringent standards of data protection and information security," proclaimed Paolo Ardoino, Tether's Chief Executive Officer. "This independent verification of our security controls is paramount for Tether, demonstrating our unwavering determination to be the world's most trusted and compliant stablecoin provider."

Tether, renowned for its relentless pursuit of innovation, transparency, and accountability, continuously updates its security strategy. The successful completion of the SOC 2 Type 1 audit is a testament to the company's unwavering dedication to providing robust security measures for its token holders. This proactive initiative is fully aligned with Tether's unwavering commitment to transparency, fostering trust within the user community, and engaging constructively with regulatory authorities.

Tether's commitment to security is further evidenced by its pledge to undergo SOC 2 examinations annually, ensuring that its operations and security practices consistently meet the highest standards. During the 2024/25 audit cycle, the company will set its sights on achieving the SOC 2 Type 2 Certificate. This certification assesses the operating effectiveness of Tether's internal controls over a 12-month period, encompassing the evaluation of Security, Availability, Confidentiality, Privacy, and Processing Integrity.

For further information regarding Tether's assurance reports and attestations, interested parties are cordially invited to explore the Tether transparency page.