Custodia Bank, a Wyoming-based bank focusing on cryptocurrencies, has attained SOC 2 Type II certification, confirming its high standard of data security controls.
The Importance of SOC 2 for Banks
SOC 2 is a cybersecurity compliance framework by the American Institute of Certified Public Accountants, aimed at assessing organizations' capacity to safely manage and store client data. Only a few banks in the U.S. typically aim for such certification.
Custodia Bank's Commitment to Security
The SOC 2 Type II certification showcases Custodia Bank's commitment to data security, reflecting its dedication to the highest standards of security, availability, and confidentiality.
Custodia Bank's Legal Battles
Custodia Bank sued the Federal Reserve in June 2022 after its application for a master account with the Federal Reserve Bank of Kansas City was denied. Access to such an account allows banks to deal directly with the Federal Reserve. Despite losing the initial lawsuit in March 2023, the bank filed an appeal.
The SOC 2 Type II certification confirms Custodia Bank's leadership in cybersecurity, underscoring its dedication to maintaining the highest levels of security and reliability.
