DMG Blockchain Solutions Achieves SOC 2 Compliance for Security
DMG Blockchain Solutions Achieves SOC 2 Compliance
DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX), a prominent player in the digital asset and blockchain sector, has made significant strides recently. The company revealed that its subsidiary, Systemic Trust Company, has successfully attained System and Organization Controls (SOC) compliance. This accomplishment ensures that Systemic Trust adheres to the stringent standards set by the American Institute of Certified Public Accountants (AICPA) for service organizations.
Importance of SOC 2 Compliance
Achieving SOC 2 compliance is not merely a regulatory checkbox; it serves as a vital third-party confirmation of the security measures and controls in place for protecting customer data. This compliance indicates that Systemic Trust prioritizes enterprise-level security and transparency, allowing clients to trust that their sensitive information is managed responsibly. The SOC 2 Type 1 report issued on August 29, 2024, highlights the organization’s commitment to these ideals.
Details of the SOC 2 Type 1 Report
The SOC 2 Type 1 report thoroughly examines Systemic Trust's operations, focusing on whether its system design aligns with the core trust principles. Conducted by an independent CPA firm based in New York City, the examination assesses the organization's systems and the effectiveness of its internal controls. Systemic Trust is dedicated to maintaining high compliance standards and is set to pursue a follow-up SOC 2 Type 2 attestation in the upcoming year.
Understanding SOC 2 Standards
SOC 2 is a voluntary compliance standard that emphasizes how service organizations manage customer data. Built on five essential Trust Services Criteria—security, availability, processing integrity, confidentiality, and privacy—SOC 2 compliance is tailored to the unique frameworks of each organization. Companies can implement specific controls aligned with these criteria, providing both organizations and their partners with crucial insights into data management practices.
DMG's Vision for Security
DMG Blockchain Solutions continues to illustrate its pledge to sustainable and secure blockchain practices through its various initiatives. As the digital landscape evolves, DMG’s efforts in implementing rigorous security measures are vital for establishing credibility and trust with its clients. The achievement of SOC 2 compliance is a testament to DMG’s mission to lead in security and innovation within the blockchain ecosystem.
About DMG Blockchain Solutions Inc.
DMG stands out as an environmentally conscious, vertically integrated blockchain and data center organization that specializes in developing digital solutions to enhance and monetize the blockchain marketplace. The company's operations are strategically divided into Core and Core+ segments, allowing for cohesive management across its innovative offerings.
About Systemic Trust Company Ltd.
Systemic Trust Company, an Alberta-based entity, is designed to serve as a qualified custodian, providing digital asset custody services for institutional clients once it has secured its necessary operational approvals. This particular structure aims to enhance the trust and confidence of institutional stakeholders in managing their digital assets.
Company Contacts
For any queries, reach out to:
Sheldon Bennett, CEO & Director
Tel: 516-222-2560
Email: investors@dmgblockchain.com
Investor Relations:
Email: investors@dmgblockchain.com
Media Inquiries:
Chantelle Borrelli
Head of Communications
Email: chantelle@dmgblockchain.com
Frequently Asked Questions
1. What is SOC 2 compliance?
SOC 2 compliance pertains to a standard set by the AICPA that indicates how organizations manage customer data, focusing on security, availability, confidentiality, and privacy.
2. Why is SOC 2 compliance important for DMG?
SOC 2 compliance establishes third-party validation of DMG's data security measures, enhancing trust with clients and regulators alike.
3. How often does DMG plan to renew its SOC certification?
DMG is scheduled to pursue a SOC 2 Type 2 attestation shortly, emphasizing its ongoing commitment to compliance and best practices.
4. What other initiatives support DMG’s commitment to security?
DMG implements a range of security measures across its operations, ensuring robust protection and secure management of client data.
5. Who should I contact for more information about DMG?
You can contact Sheldon Bennett or the investor relations team via email at investors@dmgblockchain.com for inquiries concerning DMG Blockchain Solutions.
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