SGS Audit Places Crypto.com into NIST’s Highest Privacy & Cybersecurity Framework Tier
Crypto.com, the digital asset exchange and alternative traditional finance platform, has received the highest security and privacy ratings as per the National Institute of Standards and Technology (NIST) framework. The Hong Kong domiciled firm announced a recent audit by SGS placed them at Tier 4 ‘Adaptive tier’; this is the highest maturity level on the NIST privacy and security framework.
“Audit conducted by internationally recognized audit services firm SGS, which attested that Crypto.com is operating at “Adaptive (Tier 4)“, the highest tier on the scale for both NIST frameworks.” Reads the announcement.
NIST, a non-regulatory agency of the U.S Department of Commerce, released its cybersecurity framework as early as 2014. This has been instrumental in guiding the private sector players on handling cybersecurity threats, especially now that they are rampant within the tech space. This framework provides some of the guidelines that include cyber threat identification, assessment, response, and recovery.
The NIST privacy framework only came into play earlier this year to strengthen data privacy via enterprise risk management (ERM). According to Crypto.com, both the security and privacy frameworks are integral in building market trust and playing by the books regarding compliance issues. Also, lean communication amongst stakeholders in matters of privacy and security.
To receive a Tier 4 (Adaptive rating), Crypto.com was audited based on core functionalities, which include Identify, detect, protect, respond, recover, communicate, control, and govern. Notably, the four tiers of maturity in privacy and security as per the NIST framework are; Partial (Tier 1), Risk-Informed (Tier 2), Repeatable (Tier 3), and Adaptive (Tier 4).
Crypto.com Co-founder and CEO Kris Marszalek, commented on this milestone, adding that the firm’s clientele is now past the 5 million marks,
“Achieving the highest maturity level based on the NIST Frameworks speaks volumes to our commitment to security and privacy, which have been cornerstones of our business since day one.
Having recently surpassed 5 million users, we will continue investing aggressively in technology and process that maintains the highest standards of security and privacy in the industry.”