Gemini Finishes SOC 2 Type 2 of Cybersecurity Exam

The Gemini crypto exchange has finished a new cybersecurity exam to ensure perfect operation of its security measures.

On January 23, Gemini stated that consulting firm Deloitte finished a SOC 2 Type 2 examination for the exchange, a year after finishing an SOC 2 Type 1 examination. The first examination checked Gemini’s design and system control implementation, while the second one assessed operation within a certain period of time.

Gemini’s head of risk, Yusuf Hussain, said:

“We believe this kind of assurance, in addition to other safeguards we have implemented, such as digital asset insurance, helps protect our customers data and cryptocurrency.”

Hussain also added that the company will conduct a SOC 2 Type 2 every year.

Gemini implemented a cybersecurity exam program, dubbed SOC for Cybersecurity. It was introduced by the American Institute of Certified Public Accountants (AICPA) in April 2017.

According to the AICPA’s white paper the examinations are aimed at assisting companies in addressing the growing need to communicate the design and effectiveness of cybersecurity risk management programs to those who are interested.

“Simply saying you are secure is not the same as demonstrating you are secure to an independent third party,” Hussain elaborated. “We feel that everyone should require these standards for any cryptocurrency exchange and custodian they use.”