The digital asset platform Amber Group has successfully achieved Service Organisation Control (SOC) 2 compliance, ensuring customers are protected by the institutional-grade security controls that govern highly-regulated industries.
In an audit conducted by Deloitte, Amber Group has become the industry’s first digital asset platform to have met the SOC 2 trust principles for Security, Availability, Confidentiality, Processing Integrity, and Privacy.
Held as a gold standard in the financial industry, SOC 2 is a compliance standard for service organisations that has been developed by the American Institute of CPAs (AICPA). Based upon five trust service principles – security, availability, processing integrity, confidentiality and privacy – it defines the criteria inside which organisations must manage consumer data.
The audit has validated the presence of such internal controls within Amber Group, and were found to be suitably designed to provide reasonable assurance that its service commitments and system requirements would be achieved based on the applicable trust service criteria.
An independent review and affirmation of security controls is critical to industries where trust and regulation are essential. This comes at a crucial time when cybersecurity incidents remain a prevailing concern in the industry, keeping pace with the uptick in cryptocurrency and digital asset adoption.
As an active digital asset platform with both retail and institutional heritage, Amber Group actively sought to attain SOC 2 compliance to test the strength and rigor of its information systems and internal controls, bolstering trust among its clients, investors and regulators.
“Providing our customers and partners with the assurance that Amber Group operates at the highest level of security and compliance, has always been a key priority for our organisation,” said Amber Group’s Global Chief Executive Officer, Michael Wu.
“To that end, we are laser-focused on holding ourselves accountable to the highest security standards that are practised in highly regulated industries, as we pursue continuous innovations in an ever-evolving financial ecosystem. Achieving SOC 2 compliance not only demonstrates our long-standing commitment to these principles; this milestone also marks a significant acceleration point for the digital asset sector.
“Security and privacy is at the core of user trust and confidence in digital assets. As the first digital asset platform to achieve SOC 2 compliance, we plan to continue building trust in digital assets among users and regulators. Amber Group will become synonymous with the gold standard in security and compliance in the digital asset space and beyond. We want to continuously move the needle to cement industry recognition of digital assets as a viable asset class and investment decision.
“This will go a long way in driving the acceptance and adoption of digital assets in the mainstream and we are proud that Amber Group is now leading the charge for this movement.”