Ledger, a cryptocurrency company that provides a range of hardware wallet solutions, has successfully passed System and Enterprise Review or SOC Type 1.
Friedman LLP, a New York-based accounting firm, conducted a SOC 2 Type 1 test for Ledger, according to a statement provided to Cointelegraph:
“With the SOC 2 Type 1 Report, we can now offer our customers an additional layer of proven security and ensure that a Vault solution is always secure and has processes in place to ensure availability.”
Ledger Vault is a crypto storage solution for gamers and large companies that act as a deposit suite within the larger Ledger Corporation.
The SOC 2 test analyzes the company’s security with an audit and verifies that customer information is being handled correctly by the service devices. The RSI Security Blog states: “As evidence of compliance with the AICPA audit process, the SOC 2 Type 1 report demonstrates that SaaS [Software as a Service] applies best practices.” “This ensures potential clients that the service organization has passed the specified audit procedure and that their data is secure if they work with a company that meets SOC 2 requirements,” – added in the message.
In contrast, the SOC 2 Type 2 test raises the streak and checks for compliance with more stringent standards while requiring a longer period of time to get the green light.
While analyzing SOC 2 Type 1, Friedman Ledger examined several layers, including disaster recovery and security strategy, as well as a number of other technical specifications. “This certification is an achievement because it demonstrates that our processes and systems are optimized, documented and generally secure,” said Charles Gillem, Ledger’s chief technology officer. Ledger CEO Pascal Gautier said in a statement that the company plans to gain SOC 2 Type 2 approval next year.
The test received the green light after Ledger was leaked from a database a few months ago that revealed customer information. A popular hardware wallet company addressed the root cause of the problem after the accident.
Crypto exchange Gemini announced that it also passed the SOC 2 Type 2 test in January 2020.