Today, Knox announced that it has become the first and only custodian in Canada with SOC 2 Type II certification. Learn more via the press released shared by Knox below:
MONTREAL — December 17th 2020 — Earlier in 2020, Knox allowed the world’s first bitcoin exchange to be protected for the full value of their customers’ holdings. Later the same year, we are announcing the successful completion of a SOC 2 Type II audit, becoming the only custodian in Canada with SOC 2 Type II certification. This is a major milestone for Knox and the Canadian Bitcoin industry, historically tainted by catastrophic data breaches and loss of customers’ funds. Combined with the most comprehensive bitcoin insurance policy in both breadth of risk coverage and depth of limit capacity, Knox is further reinforcing its position as a leading risk management firm providing custodial services for investors, funds and enterprise clients.
SOC 2 Type II attestations are essential to show robust internal controls and security processes are established within our firm for both their design and implementation, further demonstrating a maturity in our organizational governance. As part of the examination, our auditors collected internal documentation and performed thorough testing of our risk management framework, internal controls, data access, and security around critical custodial infrastructure.
“Paired with our comprehensive insurance policy bound by Marsh, the SOC 2 Type II certification is an excellent demonstration of our ability to deliver on the industry-beating internal controls we set for ourselves, our clients and our insurers”, said Christopher Banks, Financial Controller at Knox Custody.
Third-party certifications, such as SOC 2 Type II, which stands for System and Organization Controls (SOC), assess and subsequently test controls relating to the Trust Services Criteria —providing an added level of verification of our internal…