Probit Exchange Secures ISMS Certification | Why This Is A MASSIVE Win
ProBit Exchange recently secured the Information Security Management System (ISMS) license certification (ISMS-KISA-2021–043) following a comprehensive screening process.
Why is this significant to YOU and to ProBit Exchange? Here’s why.
The security of user information and financial data should be a top priority for any organization. Much of our information is now stored in databases constantly linked to the internet in some capacity, leaving potential vulnerabilities to cyber-attacks and data breaches.
In the cryptocurrency world, such unfortunate incidents, such as exchange hacks or forks, tend to amass a lot of press and are damaging to the reputation of the exchange, resulting in users losing their assets, and impinge on the rate of cryptocurrency adoption globally.
ProBit Exchange is one of the only exchanges in Korea to not fall victim to a data-breach. This is not by chance and can be attributed to secure measures in place from the getgo including cold wallet storage and top-tier security infrastructure. Organizations operating within the cryptocurrency realm have an obligation to maximize their security procedures to better protect user information/assets and prevent a further saturation of scepticism that is slowly being eradicated.
This is where the ISMS Certification comes in.
The K-ISMS framework is a Korea-specific ISMS framework and defines a stringent set of control requirements. An organization that successfully achieves this certification can be trusted to consistently and effectively secure YOUR information and financial assets.
A gruellingly detailed procedure, ProBit Exchange underwent assessments by an independent auditor successfully passing over 104 criteria such as security management responsibilities, security policies, security training, incident response, risk management, and more.
It is of the utmost importance that established security certifications become the norm to inspire a rapid evolution of security procedures and ultimately, less data breaches. Unfortunately, this hopeful reality has yet to come to fruition , and within Korea, ProBit Exchange remains one of a select few to successfully achieve this globally recognized standard.
Ahead Of The Curve
Across the world, central governments have been enforcing new stringent rules and policies onto cryptocurrency exchanges and other players in the space. Bringing new levels of regulation can remediate trader anxieties and sway crypto curious individuals as stringent standards can lead to enhanced asset protection.
The defining governance amendment in Korea on March 5, 2020, elevated cryptocurrencies to a legitimate asset class. This government movement in cohesion with the Special Financial Information Law, which was the first implementation of crypto tax measures and included operations guidelines between validated VASPS and commercial banks, and security certifications, such as the ISMS Certification, are significant steps toward industry legitimacy.
This is particularly relevant in the midst of ever-tightening regulations by South Korea’s government which is currently in the midst of a newly announced and intense scrutiny of VASP activity between April and June to combat illicit use of virtual assets through the cooperation of multiple government institutions. The enforcement period was launched at the heels of a flood of scams and pyramid schemes that have been assaulting the integrity of the sector.
Certifications that require ongoing adherence to guidelines and infrastructure requirements in order to maintain business operations, force financial institutions to stay on their toes and maintain a high standard of security.
Security is invariably an essential consideration, especially in the world of cryptocurrency. Money stolen from hot or cold wallets is typically unrecoverable. Respected security certifications that are enforced will be the cornerstone to further global adoption.
At ProBit Exchange we see this achievement as a step in the right direction for both our community and the cryptocurrency world. The strengthening and enhanced scrutinization of key screening and anti-fraud measures including AML and KYC will have traditional investors originally opposed to the once wild west of crypto, taking a second look.
