Ramp Network Achieves SOC2 Type II Compliance, The Gold Standard Of Financial Data Security
London, England, July 19th, 2024, Chainwire
Ramp Network, the financial technology company building payment rails connecting crypto to the global financial system, has achieved System and Organization Controls (SOC) 2 Type 2 compliance following an extensive audit process that was passed with flying colours on June 21, 2024.
The achievement is a significant milestone highlighting Ramp’s dedication to safeguarding its clients’ data and reinforcing its position as a trusted partner in the Web 3.0 ecosystem.
“At Ramp, we understand that security is not merely an optional enhancement but an essential requirement, particularly in our industry. Since my tenure at Ramp began, we have prioritized strengthening our commitment to Information Security, with SOC2 Attestation our crowning achievement.For us, security compliance transcends a simple checklist exercise; it is a fundamental cornerstone of our services. This dedication ensures that we remain a trustworthy partner for our users, providing them with complete confidence in our ability to safeguard their information as we help onboard them to Web3.”
Łukasz Anwajler, Chief Technology Office, Ramp Network
To achieve SOC 2 compliance, Ramp’s crypto on-ramp and off-ramp systems underwent a rigorous and transparent assessment that validates its ability to securely manage its customer’s data and system operations. The announcement represents a critical triumph for Ramp. SOC 2 compliance ensures that its technology adheres to the highest industry standards for protecting sensitive data and maintaining operational integrity, reinforcing its commitment to maintaining stringent data protection measures to foster trust with its clients.
SOC 2 compliance was developed by the American Institute of Certified Public Accountants (AICPA) as a global security standard that specifies the steps organizations must take to safeguard consumer data and protect against unauthorized access, security breaches and other cybersecurity risks. It verifies Ramp’s ability to securely bridge the traditional and decentralized financial worlds, foster user trust and facilitate safe financial transactions.
“SOC 2 is a way for us to prove to our customers that we treat security with the utmost importance. At the same time, we want to lead in ensuring the highest security standards for the entire industry. SOC2 Compliance for us is not just an achievement; it’s a promise”.
Mariusz Kondratowicz, Head of Information Security, Ramp Network
As one of the leading providers of fintech infrastructure in the crypto industry, Ramp’s mission is to help onboard millions of new users into Web3 with its easy-to-use on- and off-ramps. It enables users to seamlessly purchase digital assets using fiat and supports dozens of local currencies worldwide. Available as a standalone app, Ramp can also integrate with any third-party application via a simple API, so their customers have an easy way to buy the crypto they need to get started using those apps.
Given its vital role in the Web3 economy, Ramp faced a crucial decision over which security standard to adopt to ensure it can provide consumers with the highest level of security and assurance. After performing a comprehensive evaluation, Ramp selected SOC 2 ahead of competing standards such as ISO 27001, due to its specific focus on the challenges of managing and protecting customer data in the fintech industry. The SOC 2 standard uniquely emphasizes trust service criteria, such as security, availability, data processing integrity and privacy, which Ramp considers critical to its operations.
The flexibility of SOC 2 enabled Ramp to design better controls that align with its specific business processes and customer requirements. To meet SOC 2’s standards, it developed a novel Information Security Control Framework, which encompasses 120 controls in areas spanning software development lifecycle, data protection mechanisms, access management, change management and incident management systems.
Ramp remains committed to maintaining the highest standard of security and operational excellence. It plans to continue investing in its infrastructure and enhance its security measures to ensure it remains at the forefront of Web3’s industry best practices, in line with its mission to build a more secure and trustworthy digital future.
About Ramp
Ramp is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience when converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.
