The Good Tech Companies - Nexo Strengthens Data Security Measures with Renewed SOC 2 and New SOC 3 Assessments

Episode Date: July 28, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/nexo-strengthens-data-security-measures-with-renewed-soc-2-and-new-soc-3-assessments. Nexo has renewed its SOC 2 Type 2 audit and completed a new SOC 3 Type 2 assessment, reinforcing its commitment to data security. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #nexo, #web3, #soc2, #soc-2-type-2, #defi, #soc-3, #nexo-news, #good-company, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. The SOC 2 Type 2 audit and SOC 3 Type 2 report reflect Nexo’s ongoing dedication to safeguarding user information. Nexo expanded the scope of the audit to include additional Trust Service Criteria, specifically focusing on Confidentiality. “Completing the gold standard in client data protection for the second consecutive year brings me great pride and a profound sense of responsibility,” said Chief Information Security Officer at Nexo.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Nexo strengthens data security measures with renewed SOC 2 and new SOC 3 assessments by Ashan Pandey. Nexo, a prominent player in the digital assets industry, has further solidified its commitment to data security through the successful renewal of its SOC 2 Type 2 audit and the completion of a new SOC 3 Type 2 assessment. Both assessments, conducted by independent auditor A-Line, have affirmed Nexo's adherence to stringent security standards with no exceptions. Info the SOC 2 Type 2 audit and SOC 3 Type 2 report reflect Nexo's ongoing dedication to safeguarding user information. Nexo expanded the audit scope to include additional trust

service criteria, explicitly focusing on confidentiality. This extension underscores the company's proactive approach in addressing evolving security concerns. SOC2, maintained by the American Institute of Certified Public Accountants, AICPA, evaluates an organization's internal controls related to security, availability, processing integrity, confidentiality, and privacy. Nexo's successful SOC2 Type 2 audit indicates rigorous adherence to these standards, confirming that its systems meet high levels of security and privacy without any noted exceptions. Similarly, the SOC3 Type 2 assessment provides a public-facing summary of the SOC 2 audit,

affirming the company's compliance in a manner accessible to stakeholders and clients. This report is a testament to Nexo's robust security practices and transparency. Technical analysis of Nexo's security measures Nexo's adherence to the SOC 2 Type 2 and SOC 3 Type 2 standards highlights several critical aspects of its security infrastructure. 1. Security and Confidentiality. The SOC 2 audit focused on the trust service criteria of security and confidentiality. The successful assessment confirms that Nexo's systems are designed to protect against unauthorized access and ensure that sensitive information is handled carefully. Backslash.2

Scope Expansion. By including additional trust service criteria, Nexo demonstrates a comprehensive approach to data protection. This expansion reflects a commitment to meeting existing security standards and anticipates and addresses emerging challenges in data privacy. Backslash.3 Independent Validation. The engagement of Align, a well-regarded firm with two decades of experience in security compliance, provides an added layer of credibility. The thorough and unbiased nature of the audit underscores the reliability of Nexo's security measures. Nexo's recent achievements build on its previous successes, including its first SOC2 Type 2 audit conducted a year ago. The company's extensive track record includes certifications

such as the CCSS Level 3 Cryptocurrency Security Standard, ISO 27001, ISO 27017, and ISO 27018, as well as the CSA Security, Trust and Assurance Registry, STAR, Level 1 certification. These credentials collectively reinforced Nexo's position as a leader in digital asset security. Greater than Milan Valev, Chief Information Security Officer at Nexo, emphasized the greater than importance of these assessments in providing clients with peace of mind. Greater than, completing the gold standard in client data protection for the second greater than consecutive year brings me great pride and a profound sense of greater than responsibility, said Valev. It is crucial for Nexo customers to have greater than compliance peace of mind, knowing that we diligently adhere to security greater than

regulations and remain committed to annual society audits. Looking forward Nexo's ongoing efforts to enhance data security reflect a broader trend in the digital asset sector, where regulatory compliance and security best practices are increasingly paramount. As the industry evolves, Nexo's proactive stance on data protection positions it well to navigate future challenges and maintain its leadership in the digital asset space. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this Hacker Noon story,

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