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Ripple (XRP) is scaling new heights. They are staying strong despite the legal challenges with SEC. Developers are doing a lot for the next generation of Fintech. They are focusing in repeatedly automating reliability.
Repeatedly automating reliability is that which helped their engineering team earn the SCO2 certification. The SOC2 certificate provides Ripple with the edge they need in establishing ongoing collaboration with financial institutions.
Ripple cites cross-team collaboration as the major reason for the SOC2 certification. Ripple have been trying to strike a safe balance to offer their clients security and reliability without having to disconnect from the network for fear of security vulnerability. They have come up with secure and reliable data processing methods which will help them to upgrade safely without security vulnerability. All this, they have done in compliance with SOC 2 Standard. They have further verified their work by external auditors who have assessed their compliance with the SOC 2 standard.
SOC 2 certification is mandated by banks to use a given SaaS product. Without SOC 2 certification, the bank’s internal auditors and security team might not be able to conduct their own audit of the product and the company. Auditing on their own is expensive, so they rely on the SOC2 certification.
Smaller payment providers get an assurance of quality with the SaaS certification. Thus, when dealing with Ripple, banks and smaller service provides enjoy the assurance provided by the SOC2 certification. SOC2 thus serves as a seal of approval. A reliable system has a reliable design that is based on fundamental principles.
Ripple Engineering expressed: “Laying the foundation of system design, policy, and supporting documentation can be traced back across several years of Ripple’s company history. After we decided to seek SOC 2 certification, it took more than a year to perform our own internal audits, reform, and document processes before we were ready to begin the formal auditing process.”
The system infrastructure, which supports RippleNet, has core principles like: Code/data separation, fault isolation, and role-based access control. This design has helped risk management by segmenting ownership, control, and resources.
To ensure the capabilities across the system, the core principles are applied in rigor and formalism to every change. Thus, with every change, they are able to describe what has happened.
Thus, a third party has certified Ripple by SOC2 about Ripple having demonstrated the risk management and operational excellence needed to be entrusted with securing private financial data.
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