1 April 2024 - Tether, the largest company in the cryptocurrency industry, announced a significant security update today. The company underwent the System Organization Control (SOC) 2 Audit Type 1, marking the initial phase of achieving the highest level of security compliance an organization can demonstrate. The SOC 2 Type 1 audit examination is a gold standard in security compliance developed by the American Institute of Certified Public Accountants (AICPA), and underscores Tether's position as an industry leader committed to delivering a secure experience.
SOC 2’s criteria are based on five key ‘trust service principles’:
Security: Implemented measures such as firewalls, intrusion detection, and enhanced authentication protocols to safeguard customer data.
Availability: Focuses on maintaining a reliable and active network, while also addressing efficiency in problem resolution.
Processing Integrity: Focuses on whether systems achieve their purpose, delivering accurate data at the right price and at the right time.
Confidentiality: Restricts data access and disclosure to authorized individuals or organizations, with a strong emphasis on encrypting data during transmission.
Privacy: Ensures responsible collection, use, retention, and disclosure of personal information.
Tether has also committed to undergo the SOC 2 examinations annually to ensure that its operations and security practices are consistently operated to the highest standards. In 2024/25, the company aims to achieve the SOC 2 Type 2 Certificate, which evaluates the criteria of Security, Availability, Confidentiality, Privacy and Processing Integrity and assesses the operating effectiveness of Tether's internal controls over a period of 12 months.
