Crypto.com Receives Privacy-Related ISO Certification

Published at: June 3, 2020

Cryptocurrency payment platform, Crypto.com, announced on June 2 that it is one of the first fintech companies to receive ISO/IEC 27701:2019 privacy certification, following a number of third-party audits.

According to the announcement, the “Gold standard” certification aims to strengthen the company’s strategy — “Defense in Depth”. It outlines policy implementation guidelines for data protection with regard to personally identifiable information, or PII, within the organization.

The certification was granted by SGS, a leading inspection verification and certification firm that has over 2,600 offices worldwide.

Strengthening the company’s risk and security policies

Speaking with Cointelegraph, Jason Lau, Chief Information Security Officer of Crypto.com, praised the announcement. He elaborated on what it means to have obtained such a certification:

“It also ensures that we have a privacy information management system in place to continuously improve data privacy in the company’s day-to-day operations, through to how we build products for our customers. Security and privacy have been core pillars since day one.”

Lau says there is a saying often used in cybersecurity: “It is not a matter of if you will be hacked but when”. He considers this an outdated view, explaining:

“(…) We need to work under the mantra of ‘assume breach,’ meaning organizations should assume that they are already breached, and there is an attacker inside their systems and staying under the radar to perform reconnaissance. This is one of the phases of the typical Cyber ​​Attack Kill Chain.”

Implications for the crypto industry

On what this “milestone” implies for the crypto industry, the Crypto.com CISO believes that its strategy uses the “highest standards” of security and privacy. They claim to match the level of the traditional banks:

“When cryptocurrency regulation becomes more widespread, we will be in a strong position to continue to grow and expand. As you may have seen with all the crypto exchange hacks, the industry desperately needs more focus into cybersecurity and data privacy, and my goal is to lead by example at Crypto.com so others may follow.”

The company’s privacy risks and controls were examined against the ISO / IEC 27701: 2019 standard. It also examined whether Crypto.com has put in place a privacy information management system to help mitigate privacy risks.

Recent Crypto.com announcements

Crypto.com announced the broad European launch of its MCO cards on May 15, expanding the company’s presence in Europe. This now covers all 27 EU states.

Additionally, Cointelegraph reported on May 11 that the crypto platform integrated with e-commerce platform, Ecwid. The platform now features a plug-in built by Crypto.com that lets customers pay with crypto on the platform.

Tags
Adoption
Business
Cryptocurrencies
Payments
Privacy
Security
Related Posts
Adapt or die: Payments giants partner with crypto firms to ensure security
Institutional interest for digital assets continues to grow rapidly, demonstrating that cryptocurrencies, stablecoins and nonfungible tokens (NFT) are here to stay. At the same time, traditional financial institutions are beginning to understand the dire need to properly support digital assets. For example, although payments giants such as Mastercard and Visa currently offer crypto-enabled credit and debit cards, these companies are also forming partnerships with crypto organizations to enable better security and trust for consumers transacting with digital currencies. Shedding light on the matter, Ajay Bhalla, president of cyber and intelligence at Mastercard, told Cointelegraph that Mastercard’s customers and other partners …
Adoption / Sept. 21, 2021
The remaining steps to mainstream institutional investment
It has been said that you only get one chance to make a first impression. Perhaps the best example of this old adage is the cryptocurrency space. From exit scams and money laundering, to unaudited code and high carbon footprints, the crypto landscape has spent the better part of the past decade scrubbing itself of its infamous past. For many, the sanitizing of the decentralized ecosystem was inevitable — simply a matter of when, not if. This mindset hindered the sense of urgency that should have been on display and may have ultimately contributed to the skepticism exhibited by mainstream …
Adoption / May 29, 2021
Crypto Travel Firm's Bookings Skyrocket 68% Following Expedia Partnership
Cryptocurrency travel platform Travala.com saw the number of rooms booked through its platform grow sharply after a recent integration with booking giant Expedia. According to Travala.com CEO Juan Otero, the firm’s booking revenue increased by 75% in the two weeks after partnering with Expedia. The overall number of bookings grew by 68% over the same period. Otero explained that the portion of bookings paid for with crypto assets has also sharply increased: “We’re also seeing a sharp increase in the number of bookings paid with cryptocurrencies, particularly in the native AVA token as the preferred crypto payment option after Bitcoin. …
Adoption / July 15, 2020
Major Asian Ticketing Agency Accepts Bitcoin on Lightning Network
Vietnamese online ticketing agency Future.Travel now accepts Bitcoin (BTC) payments via the Lightning Network (LN), with funds being converted into local currency at the time of sale. To enable LN-based Bitcoin payments, Future.Travel collaborated with Canada-based tech firm Neutronpay, which will provide Future.Travel its multi-currency merchant platform, according to an April 20 announcement. With the newly integrated option, the BTC transaction processing time will ostensibly be cut down to three to four seconds in most cases. Eliminating fraud, reducing transaction processing time Overall, Future.Travel has been supporting BTC payments for over six years and recently added other cryptocurrencies like Litecoin …
Adoption / April 20, 2020
The history and evolution of the fintech industry
The financial technology (fintech) industry has its roots in the late 20th century, with the advent of electronic banking and online stock trading. Since then, fintech has expanded and changed over time as a result of technological and internet advances. As a result, new financial services and products have been created with the intention of enhancing accessibility, simplicity and effectiveness in the financial services industry. The 2008 global financial crisis aided the growth of fintech by increasing customer demand for non-traditional banking and financial services. By enabling customers to access financial services from any location at any time, the rise …
Adoption / Feb. 7, 2023