Bybit is ISO 27001 certified, focus on protecting investors

Bybit, a cryptocurrency exchange, is now ISO 27001 certified, per a recent press release.

Bybit’s ISO 27001 certification

The International Organization of Standardization (ISO) 27001 certification is a combination of various procedures for every organization regardless of size. The framework is focused on systemically protecting user information in a cost-effective way. 

The ISO 27001 framework is designed on three principles, first, on confidentiality, which ensures that only authorized personnel who have the right can access the necessary information. Besides, emphasizing integrity ensuring that only persons with the right authorization can appropriately alter information stored. This framework also looks at availability, meaning the right information must be accessible to the right person whenever it is needed.

With the attainment of the globally recognized ISO 27001, Bybit is committed to information security, risk management efficiency and regulatory compliance. This can establish the exchange as a vanguard on user safety, transparency and data security in the crypto industry. 

Ben Zhou, co-founder and CEO of Bybit, said this certification demonstrates their commitment to security:

 “This certification is a testament to our dedication to providing our customers with the highest level of security possible. We are committed to protecting our client’s funds via industry-leading cold wallet and independent custody solutions. Furthermore, our prudent management has seen us grow our user base by 50% despite industry-wide headwinds. This certification inspires us to continue to provide next-level opportunities to our large base of institutional and retail clients.”

The security management system will be effected on May 18. With ISO 27001’s focus on information security, this certification is expected to implement and maintain the best practices to safeguard user assets.

The rigorous standards for information security management certification are difficult to surpass. To achieve that, Bybit had to be dedicated to compliance, risk management, and operational efficiency. 

This serves as proof to both retail users and institutional investors, which boosts their confidence in Bybit’s operations.

Certification strengthens security

Bybit’s ISO 27001 certification increases the exchange’s ability to identify, evaluate and respond to potential security risks. Through comprehensive risk assessments and the implementation of appropriate security measures, Bybit mitigates risks of hack or major security incidents.