NEW YORK, Dec. 19, 2019 /PRNewswire/ -- Fireblocks (www.fireblocks.com), an institutional platform for securely moving blockchain-based digital assets, announced today its successful completion of the Service Organization Control (SOC) 2 Type II examination performed by independent audit firm Ernst and Young, reinforcing its commitment to maintain a secure operating environment for asset transfers.
Receiving this certification allows Fireblocks to deliver technology and services that meet today's stringent security and data protection laws globally. Fireblocks' customers in Chicago, New York, Hong Kong, Zurich, Paris and more can be assured their data is protected, secure and compliant with their company policies, controls, and regulatory requirements.
"Our business model involves a high degree of complexity – we have to remain meticulous despite the frequency and speed at which we're moving assets. Since launching in June, we've secured more than $9 billion in digital asset transfers. This requires strict compliance with guidelines that span over technology architecture, development, and continuous operations of our platform," said Idan Ofrat, CTO and Co-Founder of Fireblocks.
The SOC 2 Type II examination tested Fireblocks customer data based on five trust service principles:
- Processing Integrity
Ernst and Young inspected Fireblocks' processes over six months. The extensive audit involves periodic inspections to ensure Fireblocks complies with the following requirements:
- Two third-party penetration tests per year
- Proper utilization of trust execution and encryption technology
- Strict access controls to all development and production environments
- Cyber-security controls
- Availability and disaster recovery SLA
Upon completion of the audit, Fireblocks received a Service Auditor's Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure meet or exceed the stringent SOC 2 Type II criteria.
"It was critical to us that a third party audited the strict standards that we set for ourselves. That we stand above and beyond the highest industry standard," said Michael Shaulov, CEO and Co-Founder of Fireblocks.
The SOC report will be monitored annually, to ensure that the platform is operating efficiently to provide an excellent experience for Fireblocks customers. Fireblocks customers and prospects can receive a copy of the SOC 2 audit report upon request.
Fireblocks is an easy to use, enterprise-grade platform for financial institutions that need to streamline digital asset trading operations – without sacrificing security. Only Fireblocks can securely transfer assets across exchanges, wallets, custodians, and counterparties and keep them readily available using patent-pending chip isolation security and MPC technology. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.