Posted 10 months ago | by Ben Armstrong One of the First Crypto Companies to be ISO/IEC 27701:2019 Privacy Certified

In an announcement on June 2, 2020, the cryptocurrency payment platform stated that it is the first among companies in the fintech industry that received an ISO/IEC 27701:2019 privacy certification after passing numerous third-party audits.

According to the announcement, the certification, called “Gold standard”, is aimed to consolidate the company’s plan, called “Defense in Depth”. It will support to outline policy guidelines in data protection concerning personally identifiable information, or PII, within the organization.

The certification was published by SGS, which is a leading inspection verification and certification firm with over 2,600 offices across the world.

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Chief Information Security Officer (CISO) of Jason Lau added the means of such a certification brings to the company:

“It also ensures that we have a privacy information management system in place to continuously improve data privacy in the company’s day-to-day operations, through to how we build products for our customers. Security and privacy have been core pillars since day one.”

The CISO also mentioned a quote used in cybersecurity, "It is not a matter of if you will be hacked but when” and explained why this is an outdated view:

“We need to work under the mantra of ‘assume breach,’ meaning organizations should assume that they are already breached, and there is an attacker inside their systems and staying under the radar to perform reconnaissance. This is one of the phases of the typical Cyber Attack Kill Chain.”

Cryptos Are Open to Hacking

According to Lau, the company’s plan is to adhere the highest standards of security and privacy.

To wit:

“When cryptocurrency regulation becomes more widespread, we will be in a strong position to continue to grow and expand. As you may have seen with all the crypto exchange hacks, the industry desperately needs more focus into cybersecurity and data privacy, and my goal is to lead by example at so others may follow.”

The cryptocurrency platform's controls and privacy risks were checked by applying ISO / IEC 27701: 2019 standard, which should help anyone who needs to see that crypto firms are taking customer safety seriously.