Brane Completes SOC 2 Type 1 Certification, Adding Further Validation of Its Digital Asset Custody Solutions
Ottawa, Ontario--(Newsfile Corp. - September 20, 2022) - Brane Inc. ("Brane"), a Canadian fintech company named by Canadian Business as one of Canada's 10 Best and Brightest New Innovators, has completed a Service Organization Controls (SOC) 2 Type 1 certification by leading audit firm MNP.
"Brane's custody solutions have been tested and validated by third-party experts, as well as sophisticated clients with large digital asset positions and rigorous safekeeping requirements," said Matt Pierce, Interim President of Brane Trust. "Our industry-leading security certifications, together with strong insurance coverage and an outstanding leadership team, position Brane as the partner of choice for Canadian institutions seeking to keep crypto safe from the full range of risks."
The SOC 2 certification process evaluates the design (Type 1) and operating effectiveness (Type 2) of the security controls of Brane's custody solutions for digital assets like Bitcoin, Ethereum, and NFTs. Brane will now proceed with the assurance process for SOC 2 Type 2 certification, which monitors and evaluates the same systems and controls over a six-month period.
Brane's SOC 2 Type 1 certification comes in addition to the company's previous certifications to ISO/IEC 27017, ISO/IEC 27001, and NIST CSF Tier 4 standards, specifically for digital assets under custody, by audit firm BSI - the first and only Canadian company, in any industry, to achieve this level of cybersecurity certification.
"We are pleased to once again have confirmation by a third-party auditor that Brane's digital asset custody solutions lead the industry in security," said Christian Desjardins, Brane's Vice President, Product. "Our SOC 2 Type 1 certification is proof of our ongoing commitment to the highest standards of security for client assets, and we remain focused on meeting and exceeding those standards as the blockchain space continues to evolve."
This confirmation of Brane's industry-leading cybersecurity standards comes as the company works with the Government of Alberta toward regulatory approval of its subsidiary Brane Trust Company Ltd. as Canada's first and only independent, carbon neutral digital asset custodian.
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Founded in 2017, Brane Inc. is a carbon neutral Canadian fintech company, helping institutional clients unlock the opportunities of blockchain and digital assets. Brane Vault, its core digital asset custody technology, is third-party certified to stringent global standards including ISO 27001, ISO 27017, and NIST CSF Tier 4, and insured against theft and crime. Brane has been recognized as one of Canada's Best Workplaces in Financial Services and Start-Ups categories by Great Place to Work®, and one of Canada's 10 Best and Brightest Companies by Canadian Business magazine.
This press release contains forward-looking information and forward-looking statements (together, "forward-looking statements") within the meaning of applicable securities legislation, which reflect Brane's current expectations regarding future events, including statements relating to: the ability of Brane to become carbon neutral, the ability of Brane and other market participants to reduce greenhouse gas emissions. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of words or phrases such as "create", "continue to", "expand", "accelerate", "enhancing", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" occur. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Brane's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. All forward-looking statements made in this press release are made as of the date hereof and Brane does not undertake any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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