Following our discussion on the risks of custodial wallets, this article outlines how Paybis leverages industry-leading technology to mitigate these concerns and safeguard your assets.
The Paybis Wallet infrastructure is powered by Fireblocks, a globally recognized leader in digital asset security. Fireblocks is renowned for its robust security framework.
Fireblocks provides several powerful security features. Below are the particularly noteworthy ones that secure the Paybis Wallet:
| Certification/Technology | Function |
|---|---|
| SOC 2 Type II | Ensures secure management of data concerning security, availability, processing integrity, confidentiality, and privacy over time. |
| ISO Certifications | Adherence to international standards for information security management ($\text{ISO } 27001$), cloud security ($\text{ISO } 27017$), and cloud privacy ($\text{ISO } 27018$). |
| MPC Technology | Enables secure, distributed decision-making without a single point of failure, keeping inputs private during joint computation. |
| Secure Enclaves | Stores private key shares in protected processor hardware, inaccessible to the OS and immune to extraction by malware or hackers. |
| Policy Engine | Implements tailored approval policies and customizable rules to govern the execution and authorization of all transactions. |
In-Depth Feature Explanation
Here is a more detailed look at the core components providing maximum security:
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1. SOC 2 Type II Certification
An auditing procedure that confirms a company securely manages data to protect the interests and privacy of its clients over a specified period. This is a crucial marker of trust and reliability.
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2. ISO Certifications ($\text{ISO } 27001, 27017, 27018$)
These international standards demonstrate a commitment to implementing a comprehensive, continuously improving Information Security Management System (ISMS), specifically covering general information security, cloud security, and protecting personal data in the cloud.
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3. MPC (Multi-Party Computation) Technology
A cryptographic protocol that allows multiple parties to jointly compute a function while keeping their individual inputs private. This enhances the security of digital transactions by eliminating single points of failure.
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4. Secure Enclaves (e.g., Intel SGX, AWS Nitro)
This advanced feature stores private key shares in a protected area of the processor hardware. The data within these enclaves is encrypted, rendering it inaccessible to the operating system, malware, or hackers, even if the server is compromised.
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5. The Policy Engine
A configurable security feature allowing organizations to implement tailored rules and approval policies for every transaction, ensuring compliance and reinforcing operational security.
The aforementioned security features enable Paybis to ensure that our wallets are secure and adhere to industry standards.
While we cannot disclose extensive internal details, the security features above enable us to adhere to high industry standards. Here is a concise overview of how we mitigate other custodial risks:
| Custodial Risk | Paybis Mitigation Strategy |
|---|---|
| Counterparty & Liquidity Risk | Customer assets are segregated into dedicated addresses when stored in Paybis Wallets. Customers are free to verify their balances on any block explorer, independent of their Paybis account login. |
| Regulatory Risk | Paybis employs a dedicated team of legal and compliance experts who ensure we remain compliant with the latest regulations and legal requirements. |
| Privacy Concerns | Paybis holds PCI/DSS certification (requiring annual recertification and audits) and engages in external, independent penetration testing to secure customer data. |
| Operational Risk | We utilize Fireblocks' powerful Policy Engine in conjunction with internal tools to set strict rules and access levels, preventing any unauthorized actions. |