Crypto fintech platform Crypto.com recently received the highest tier rating for both the cybersecurity and privacy NIST frameworks – the “Adaptive (Tier 4)” rating.
The Crypto.com audit was carried out by world-renowned audit firm SGS. The audit led to it being bestowed with the highest level possible by the National Institute of Standards and Technology (NIST) Cybersecurity Framework and the NIST Privacy Framework. It is important to note that Crypto.com is very much interested in regulatory compliance. The fintech platform is the first-ever cryptocurrency firm to receive an ISO27001, ISO27701, and PCI:DSS (Level1) certifications. To crown it all, it has furthermore obtained the highest possible level for each of the NIST frameworks.
Crypto.com disclosed this announcement via an official blog post. The crypto fintech platform further confirmed this announcement via Twitter.
https://t.co/vCNztABJoG is the first cryptocurrency company to achieve a “Tier 4” rating, the highest maturity level within the NIST Cybersecurity Framework and the NIST Privacy Framework.
For more about this achievement: https://t.co/IZatthzU4U pic.twitter.com/dLqCOxpJz8
— Crypto.com (@cryptocom) November 4, 2020
Launched in 2014, the NIST provides a framework on how private firms can ensure top-notch security on their platform. It also provides firms with frameworks on how to identify, protect, and bounce back from cyber attacks. In January of this year, the NIST launched its privacy framework. This framework helps to improve privacy on platforms via institutional-grade risk management techniques.
With security a major issue today, ensuring platforms are secure and reliable is an important task. The effects of the NIST privacy framework include:
- Ensuring effective communication between fintech firms and their clients, whether individual or institutional-grade clients.
- Ensuring strict adherence to compliance regulations and also “future-proofing products and services” to meet these regulations.
- The framework will also help boost customers’ trust in the platform. Furthermore ensuring all decisions made on fintech platforms are ethical and have the client’s best interest at heart.
The assessment criteria
Internationally acclaimed audit firm SGS was in charge of the Crypto.com assessment. The assessment criteria were based on its major functions of “Identify, Protect, Detect, Respond, and Recover for the NIST Cybersecurity Framework.” Also, the core functions of “Identify, Govern, Control, Communicate, and Protect” was assessed using the recently inaugurated NIST Privacy Framework. The assessment was based on four tiers with “Tier 4” the highest based on the company’s maturity.
The tiers include:
- Partial (Tier 1),
- Risk Informed (Tier 2),
- Repeatable (Tier 3), and
- Adaptive (Tier 4).
Crypto.com was rated “Adaptive (Tier 4)” by the audit firm SGS on both the NIST Cybersecurity and Privacy frameworks.
Speaking on the rating, Crypto.com Chief Information Security Officer Jason Lau disclosed that the NIST audits are a welcome addition to the fintech firm’s already existing certifications. He furthermore added that the rating serves as a notable proof of Crypto.com’s commitment to cybersecurity and privacy.
Most importantly, Crypto.com is the first crypto fintech company to receive the “Adaptive (Tier4)” rating.
The co-founder and CEO of the fintech firm, Kris Marszalek, also reiterated Lau’s comment. He disclosed that the rating is a pointer to the firm’s “commitment to security and privacy.”
MakerDAO recently announced that it will be onboarding the Crypto.com native token (CRO) as a collateral asset.
Crypto.com CRO price
At the time of writing, Crypto.com was up 1.7% and was trading at $0.078579. The crypto also has a market cap of $1,662,756,396 and a 24-hour trading volume of $40,693,723.
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