Nexo Enhances Data Security Credentials With SOC 3 Assessment and SOC 2 Audit Renewal
Thursday,25/07/2024|18:30GMTby
FM
Nexo has good reasons for obtaining verification that its data security is fit for purpose
Digital asset platform Nexo has bolstered its data security credentials with the renewal of its SOC 2 audit. It’s also passed a new SOC 3 assessment with no exceptions, demonstrating its commitment to safeguarding user data during the course of its business.
While the minutiae of data security accreditation may escape the average crypto user, it’s something which regulated companies are obliged to take very seriously. Attaining SOC 2 and SOC 3 credentials is regarded as evidence of an organization implementing best practise in the storing and handling of customer records.
Independent Auditor Gives Nexo a Clean Bill of Health
Nexo utilized the services of A-LIGN, an independent auditor that specializes in security compliance. It conducted a stringent examination of Nexo’s security practices and found that the company was fully compliant with SOC 2 framework standards. The audit by A-LIGN, which has 20 years of experience, follows a similar examination into Nexo’s procedures that was conducted a year ago.
"Completing the gold standard in client data protection for the second consecutive year brings me great pride and a profound sense of responsibility,” said Nexo Chief Information Security Officer Milan Velev. “It is crucial for Nexo customers to have compliance peace of mind, knowing that we diligently adhere to security regulations and remain committed to annual SOC audits. These assessments provide further confidence that Nexo is their partner in the digital assets sector.”
Understanding SOC Standards
SOC 2 and SOC 3 are types of Service Organization Control (SOC) reports. They’re intended to provide assurance about the controls in place at organizations, particularly in regards to security, availability, processing integrity, confidentiality, and privacy. These reports form part of the American Institute of Certified Public Accountants (AICPA) framework for evaluating the effectiveness of controls within service organizations.
SOC 3 reports provide a high-level overview of the same information contained within a SOC 2 report but without the same degree of detailed and sensitive information. SOC 3 reports are often used for marketing purposes, as they are designed to be shared publicly without revealing detailed descriptions of the system and tests performed. As such, SOC 2 and SOC 3 are often sought in tandem, one for internal and the other for external use.
While there is no law compelling companies to obtain SOC 2 and SOC 3 standards, doing so is seen as evidence of maintaining robust data handling policies. This is beneficial not only for enhancing an organization’s data handling procedures, but for reassuring stakeholders and users that their information is secure.
Given that it has millions of users and custodies billions of dollars of assets, Nexo has good reasons for obtaining independent verification that its data security is fit for purpose. The crypto trading and lending platform promises institutional-grade custody aided by features such as a real-time risk engine.
The majority of crypto companies, including exchanges, do not hold SOC 2 or 3 certification. Nexo believes that the attainment of these standards is desirable, enhancing its reputation as a trustworthy crypto provider.
Digital asset platform Nexo has bolstered its data security credentials with the renewal of its SOC 2 audit. It’s also passed a new SOC 3 assessment with no exceptions, demonstrating its commitment to safeguarding user data during the course of its business.
While the minutiae of data security accreditation may escape the average crypto user, it’s something which regulated companies are obliged to take very seriously. Attaining SOC 2 and SOC 3 credentials is regarded as evidence of an organization implementing best practise in the storing and handling of customer records.
Independent Auditor Gives Nexo a Clean Bill of Health
Nexo utilized the services of A-LIGN, an independent auditor that specializes in security compliance. It conducted a stringent examination of Nexo’s security practices and found that the company was fully compliant with SOC 2 framework standards. The audit by A-LIGN, which has 20 years of experience, follows a similar examination into Nexo’s procedures that was conducted a year ago.
"Completing the gold standard in client data protection for the second consecutive year brings me great pride and a profound sense of responsibility,” said Nexo Chief Information Security Officer Milan Velev. “It is crucial for Nexo customers to have compliance peace of mind, knowing that we diligently adhere to security regulations and remain committed to annual SOC audits. These assessments provide further confidence that Nexo is their partner in the digital assets sector.”
Understanding SOC Standards
SOC 2 and SOC 3 are types of Service Organization Control (SOC) reports. They’re intended to provide assurance about the controls in place at organizations, particularly in regards to security, availability, processing integrity, confidentiality, and privacy. These reports form part of the American Institute of Certified Public Accountants (AICPA) framework for evaluating the effectiveness of controls within service organizations.
SOC 3 reports provide a high-level overview of the same information contained within a SOC 2 report but without the same degree of detailed and sensitive information. SOC 3 reports are often used for marketing purposes, as they are designed to be shared publicly without revealing detailed descriptions of the system and tests performed. As such, SOC 2 and SOC 3 are often sought in tandem, one for internal and the other for external use.
While there is no law compelling companies to obtain SOC 2 and SOC 3 standards, doing so is seen as evidence of maintaining robust data handling policies. This is beneficial not only for enhancing an organization’s data handling procedures, but for reassuring stakeholders and users that their information is secure.
Given that it has millions of users and custodies billions of dollars of assets, Nexo has good reasons for obtaining independent verification that its data security is fit for purpose. The crypto trading and lending platform promises institutional-grade custody aided by features such as a real-time risk engine.
The majority of crypto companies, including exchanges, do not hold SOC 2 or 3 certification. Nexo believes that the attainment of these standards is desirable, enhancing its reputation as a trustworthy crypto provider.
ABDS Token Now Live for Trading on 3 Major Crypto Exchanges
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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