South Korean cryptocurrency trade GOPAX has become the first blockchain company to attain the official standard in Korea, K-ISMS certificate for information security management systems. This is an important sign of acceptance by the Korean government seeing the cybersecurity infrastructure of GOPAX. The K-ISMS certification process occurs via the Korea Internet and Security Agency (KISA), which manages a team of specially trained auditors to test the applying companies, together with a questionnaire that assesses the audit results. He continued,"While nothing official has come from that regard, it's also up to the firms themselves to show they can run up to criteria which are now in place for some other businesses in the tech sector.
By accomplishing K-ISMS certificate, GOPAX has proven it is serious and capable regarding compliance, and people feel this movement can inspire other companies to follow suit. That would reveal that the companies within this sector are considering compliance and in cooperating with the authorities to establish a set playing field and to function in a transparent way." This isn't the very first step toward government compliance of GOPAX. Last July , the firm has been ISO/IEC 27001 -- was the very first cryptocurrency market in the world to become , and certified. ISO/IEC 27001 is a worldwide information security management standard published by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).
It functions as a standard used between businesses on an global level, which based on Baek suggests that GOPAX meets certain standards and can thus work. K-ISMS certification is an official standard regarding management the establishment and operation of information security systems for selected industries such as server hostsand portal services and service providers. According to Article 47 of this Act on Promotion of Information and Communications Network Utilization and Information Security ("the Network Act"), the certification carries importance of its blockchain industry as it signals that blockchain businesses possess the capability to control and operate data security systems in a level on par with considerably more established businesses and businesses, specifically those in the technology and financial sectors.
"It's different from nations such as Japan, where the overarching organization regarding crypto exchanges is the Financial Services Agency," he stated. "But , the blockchain market has been requesting the government to set a set of rules so that the businesses understand what is out of bounds when it comes to operating a blockchain company." The analysis itself covers two major areas: data security management procedures and data security measures. The former includes 5 individual classes that are examined, including management duties and organizational structure, and risk management and post-incident direction, whereas the second is composed of 13 classes, such as data security policy, information security organization, outside protection, the categorization of information assets and information security training.
GOPAX did not need to attain certificate, and thus is not at that level, but we underwent the K-ISMS audit to become certified. Because there isn't any official operating standard for blockchain businesses currently set up, GOPAX getting K-ISMS certificate is a sign that it is prepared to be ahead of legislation and establish an operating standard for additional blockchain businesses." "For operating within the bounds of Korea, K-ISMS is still more important as it gives tangible advantages when managing a relevant business within Korean jurisdiction, as well as reductions when applying for info safety insurance and incentive points during KISA's data security assessments," said Baek. "Businesses looking to scale within the financial and tech businesses will eventually be asked to get K-ISMS certificate or face penalties" Baek mentions that beneath the Network Act, cryptocurrency markets are now identified as"communications and information service providers" instead of financial institutions.