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Compliance
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Sarbanes-Oxley Security ComplianceThe Sarbanes-Oxley Act (also known as the Public Company Accounting Reform and Investor Protection Act of 2002) was enacted to increase regulatory visibility
and accountability of public companies and their financial health. Sarbanes-Oxley is currently law, and even smaller companies are now required to comply with the critical Section 404 for fiscal years beginning on or after Dec. 16, 2006.
How does CipherOptics help? CipherOptics CipherEngine enables Secure Information Sharing, which assures the confidentiality, authenticity, and integrity of data in motion on any network. Our approach to protecting both your network and your data is to deny access to everyone, permit by exception. With that as our driving force, our solutions provide you with both encryption and authentication of all your critical information. We use 256-bit AES encryption that is approved by the government for "sensitive but unclassified" information; our solutions authenticate networks and packets, as well as, protect data. Using the robust secure hash algorithm (SHA-1) to verify the integrity of the data, rejecting any packets that have been manipulated or altered. SOX security compliance requires a layered approach to network and data security. CipherEngine is an important component of this comprehensive security strategy. By protecting confidential data, CipherEngine dovetails with perimeter security and ID management for best practices and SOX regulatory compliance. What does CipherOptics do? CipherOptics is the leader in network-wide encryption. Offering an innovative policy and key management solution, coupled with high speed, low latency encryption technology, CipherOptics helps their customers mitigate the risk of data leakage, loss and theft over any network. Who is affected by SOX? All corporations that fall under the jurisdiction of the U.S. Securities and Exchange Commissions are subject to SOX requirements. This essentially means any publicly traded company must abide by SOX. The Act directly affects all publicly traded companies, financial services companies, CPAs and CPA firms, as well as attorneys of publicly traded companies. Even so, private firms interested in going public, or that may be the target of an acquisition or merger by a public firm, will also fall under SOX scrutiny ensuring compliance of the final entity. What are the requirements of SOX? Sarbanes-Oxley is a broad act that addresses a number of accountability issues. The most relevant requirements of the law are the following:
Related SEC releases define internal controls and procedures for financial reporting as controls that provide reasonable assurances that:
Two popular control frameworks are COSO (Committee of Sponsoring Organizations) and COBIT (Control Objectives for Information and Related Technologies). COSO focuses on controls for financial processes, and COBIT focuses on IT. What are the penalties for SOX non-compliance? The SEC has directed national securities exchanges and associations to prohibit the listing of securities of a non-compliant company. If material non-compliance causes the company to restate its financials, the CEO and CFO forfeit any bonuses and other incentives received during the 12-month period following the first filing of the erroneous financials. SOX takes specific note of violations involving destruction or falsification of documents or records related to any federal investigation or bankruptcy proceeding. Personal penalties range from fines of up to $1 million to prison sentences of not more than 20 years for "whoever knowingly alters, destroys, mutilates" any record or document with the intent to impede an investigation. How do companies comply with SOX? The combination of the various SOX requirements means that CEOs and CFOs must attest to having the proper "internal controls" at their companies to protect against data tampering. The data protection requirements for data center infrastructures include:
In short, complying companies must ensure the long-term retention, security, integrity, and availability of data. They must also ensure the authenticity and integrity of data in motion. Helpful Resources Full Text of the Sarbanes-Oxley Act Summary of the Provisions of the Sarbanes-Oxley Act |
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