Knox Custody Completes Soc 2 Exam Type II – Bitcoin Magazine

Knox today announced that it has become the first and only keeper in Canada with SOC 2 Type II certification. Learn more through the press release shared by Knox below:

MONTREAL – December 17th 2020 – Earlier in 2020, Knox allowed the protection of the world’s first bitcoin exchange for the full value of their customers’ holdings. Later that same year, we announce the successful completion of a Type 2 SOC 2 audit, becoming the only keeper in Canada to have SOC 2 Type II certification. This is an important milestone for Knox and Canada’s Bitcoin industry, historically corrupted by catastrophic data breaches and loss of customer money. Along with the most comprehensive bitcoin insurance policy in terms of risk coverage and depth of limit capacity, Knox further strengthens its position as a leading risk management company providing custodial services to investors, funds and enterprise clients.

Type 2 SOC 2 certifications are essential to demonstrate that our company has sound internal controls and security processes in place for their design and operation, further demonstrating maturity in our organizational governance. As part of the audit, our auditors collected internal documentation and performed rigorous testing of our risk management framework, internal controls, data access and security around critical security infrastructure.

“In pairs with our comprehensive Marsh-bound insurance policy, the SOC 2 Type II certification is an excellent demonstration of our ability to carry out the internal controls that beat the industry we set ourselves, our clients and our insurers ”, said Christopher Banks, Financial Manager at Knox Custody.

Third party certifications, such as SOC 2 Type II, which stand for System and Organizational Controls (SOC), assess and test controls relating to the Trust’s Service Criteria – providing an additional level of validation of our systems internal, which falls under the audit. The review and audit included rigorous testing of the effectiveness of Knox’s protective infrastructure, basic database controls and physical security measures. Such checks are essential in providing cover for our clients, which complements our current insurance policy.

“We have decided to supplement our insurance with a Type 2 SOC 2 inspection to continue to provide all market participants with a strong guarantee of safety and reliability around Knox. We aim to promote security standards around bitcoin secure services, ”said Alex Daskalov, CEO of Knox Custody.

In traditional technology and financial services industries, SOC 2 reviews are the norm to demonstrate security assurance and regulatory compliance. At Knox Custody, we aim to provide responsible guardianship services built on rigorous risk management principles to protect customers’ bitcoin holdings, and protect them with a comprehensive insurance policy. We have now achieved both milestones, and are excited that we are moving forward with a robust custodial service for enterprise, funds and investors looking to rely on a trusted partner.

As greater amounts of risk arise from custodial service providers, safety standards will emerge and their correct implementation will be not only important but essential. Offering responsible products and services to sophisticated market participants, our clients have rigorous vendor acquisitions to minimize their risk exposure. As the industry matures with more sophisticated participants, due diligence procedures will, and rightly, strengthen. The successful completion of SOC 2 Type II is not only a recognition of industry maturation, but a demonstration of Knox’s commitment to promoting custodial risk management in the Bitcoin industry.

Based in Canada, Knox is a Bitcoin management provider focused on key management with 1: 1 insurance coverage, allowing service providers, investors and trustees to mitigate the downside risk of theft and loss. Knox is on a mission to facilitate ethical financing of Bitcoin with financial services focused on risk management. Institutional investors include Fidelity Investments Canada, Initialized, and iNovia.

http://knoxcustody.com/

Alex Daskalov, CEO

[email protected]

+1 (647) 616-0348

Thibaud Maréchal, Vice President

[email protected]

+33 6 18 53 84 88

The press release was provided below Bitcoin Magazine by Knox:

MONTREAL – December 17th 2020 – Earlier in 2020, Knox allowed the protection of the world’s first bitcoin exchange for the full value of their customers’ holdings. Later that same year, we announce the successful completion of a Type 2 SOC 2 audit, becoming the only keeper in Canada to have SOC 2 Type II certification. This is an important milestone for Knox and Canada’s Bitcoin industry, historically corrupted by catastrophic data breaches and loss of customer money. Along with the most comprehensive bitcoin insurance policy in terms of the scope of risk and depth of limit capacity, Knox further strengthens its position as a leading risk management company providing custodial services to investors, funds and enterprise clients.

Type 2 SOC 2 certifications are essential to demonstrate that our company has sound internal controls and security processes in place for their design and operation, further demonstrating maturity in our organizational governance. As part of the audit, our auditors collected internal documentation and performed rigorous testing of our risk management framework, internal controls, data access and security around critical security infrastructure.

“In pairs with our comprehensive Marsh-bound insurance policy, the SOC 2 Type II certification is an excellent demonstration of our ability to carry out the internal controls that beat the industry we set ourselves, our clients and our insurers ”, said Christopher Banks, Financial Manager at Knox Custody.

See also


Third party certifications, such as SOC 2 Type II, which stand for System and Organizational Controls (SOC), assess and test controls relating to the Trust’s Service Criteria – providing an additional level of validation of our systems internal, which falls under the audit. The review and audit included rigorous testing of the effectiveness of Knox’s protective infrastructure, basic database controls and physical security measures. Such checks are essential in providing cover for our clients, which complements our current insurance policy.

“We have decided to supplement our insurance with a Type 2 SOC 2 inspection to continue to provide all market participants with a strong guarantee of safety and reliability around Knox. We aim to promote security standards around bitcoin secure services, ”said Alex Daskalov, CEO of Knox Custody.

In traditional technology and financial services industries, SOC 2 reviews are the norm to demonstrate security assurance and regulatory compliance. At Knox Custody, we aim to provide responsible guardianship services built on rigorous risk management principles to protect customers’ bitcoin holdings, and protect them with a comprehensive insurance policy. We have now achieved both milestones, and are excited that we are moving forward with a robust custodial service for enterprise, funds and investors looking to rely on a trusted partner.

As greater amounts of risk arise from custodial service providers, safety standards will emerge and their correct implementation will be not only important but essential. Offering responsible products and services to sophisticated market participants, our clients have rigorous vendor acquisitions to minimize their risk exposure. As the industry matures with more sophisticated participants, due diligence procedures will, and rightly, strengthen. The successful completion of SOC 2 Type II is not only a recognition of industry maturation, but a demonstration of Knox’s commitment to promoting custodial risk management in the Bitcoin industry.

Based in Canada, Knox is a Bitcoin management provider focused on key management with 1: 1 insurance coverage, allowing service providers, investors and trustees to mitigate the downside risk of theft and loss. Knox is on a mission to facilitate ethical financing of Bitcoin with financial services focused on risk management. Institutional investors include Fidelity Investments Canada, Initialized, and iNovia.

http://knoxcustody.com/

Alex Daskalov, CEO

[email protected]

+1 (647) 616-0348

Thibaud Maréchal, Vice President

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