Kraken completes SOC 2, Kind I for custody and funding companies « Kraken Weblog

As a part of Kraken’s commitment to client security, we’ve accomplished and handed an unbiased auditor’s examination over inner controls as outlined by the American Institute of Licensed Public Accountants (“AICPA”) SOC 2, Kind I compliance customary. 

We’d prefer to share particulars about this course of and the way it serves our mission to be some of the safe crypto exchanges on this planet.

What’s SOC 2, Kind I?

SOC 2, Kind I is an unbiased third-party auditor’s examination over inner controls targeted on the safety and availability of techniques and information. The audit course of helps to confirm that Kraken has applied the required controls to guard buyer information and funds. An unbiased, third-party auditor performed the examination based mostly on AICPA’s Belief Service Standards and in accordance with AICPA’s Code of Skilled Conduct.

The AICPA’s Belief Companies Standards consist of 5 classes: 

1. Safety
2. Availability
3. Processing integrity
4. Confidentiality
5. Privateness

Every class features a sturdy set of standards that organizations should meet, relying on the scope of the examination. The AICPA designed the factors to assist organizations determine and handle potential dangers and vulnerabilities of their data techniques. Organizations should additionally exhibit that they’ve applied acceptable controls to guard their data techniques from unauthorized entry, use, or disclosure.

What does SOC2, Kind I imply for you?

For Kraken, the completion of the SOC 2, Kind I examination demonstrates our dedication to safety and the safety of buyer information and funds. Kraken achieved its SOC 2, Kind I report throughout the Safety and the Availability Belief Companies Standards as outlined by AICPA. The report covers Kraken’s funding companies and custody capabilities. 

We imagine that the auditor’s unqualified opinion demonstrated that Kraken had distinctive inner controls on safety and availability.

So, what does this imply for you? 

It implies that we provide proof, not guarantees, about our world-class safety. In fulfilling the necessities for SOC 2, Kind I, we’ve demonstrated that our safety practices meet world requirements. This examination permits us to not simply declare, however independently show that your security and privateness at Kraken are paramount.

For Kraken, the dedication to evaluations carried out by unbiased auditors and different our bodies is a testomony to our unwavering dedication to demonstrating that our purchasers’ funds, NFTs, and privateness are safe.

“We proceed to degree up our safety, availability, privateness and belief for our stakeholders. I’m extraordinarily happy with our staff at Kraken for attaining this milestone. The audit was a big effort that spanned many months and was cross-functional involving a number of groups,” mentioned Koushik Subramanian, Director of Safety Threat Administration at Kraken.

Safe your crypto journey

Kraken repeatedly explores avenues to validate the power of our safety program and dedication to an efficient inner management setting. The issuance of the SOC 2, Kind I opinion for Kraken’s custody and funding service demonstrates our dedication to our purchasers’ privateness and safety. 

Kraken stays devoted to the continued enhancement of our management program and deepening our investments within the modern safety measures that preserve you secure. Our collaboration with unbiased third-party assessors and auditors helps validate our efforts for all to see. We’re proud to be acknowledged as a digital asset platform that’s dedicated to defending your monetary freedom.