Regulatory compliance is an important part of the business, especially when you are a part of a financial service. Moreover, you need to always be aware of a sensitive data leak, otherwise, you will be facing the loss of customer trust and your reputation. In this article, you will know about one of the most significant regulatory procedures the Sarbanes – Oxley Act, commonly known as SOX.
What You Need to Know About SOX Compliance
In 2002 the United States Congress enacted the Sarbanes – Oxley Act to protect public companies from internal and external fraudulent actions and make financing statements more transparent. It was a response to corporate and accounting scandals in famous companies. Due to this act companies formalize their system of checks and balances. The key point of SOX is to build trustworthy relationships between companies and their stakeholders. To be ready for the SOX audit you should know some requirements:
- The CEOs and CFOs are personally responsible for all company documents, which should be complete and accurate. It is the requirement of section 302 of SOX.
- All deficiencies should be reported following the correct procedure as soon as possible for its transparency.
- Be sure that your data security policy is updated and maintained by all users. Every company should have a comprehensive data security strategy. It should be implemented to protect and secure all financial information during the workflow.
- Documentation should be available at any time. It proves that the company is compliant and continuously monitors SOX compliance measures.
SOX Internal Controls
To be ready for the audit, you need to be sure that all your internal systems are updated and organized. It means that you need to know how all data is kept. It includes access, security, data backup, and change management. These four internal controls will be investigated by the auditors as a part of the yearly audit. It is significant to show your scope in these controls. Let’s work through each control closer:
- Access. There are two types of controls: physical and electronic. Each user has access only to the necessary information to do their job. It is one of the main aims of the SOX audit.
- Security. It means that you can protect your system from a data breach.
- Data backup. It means that you have all your financial reports in the off-site backups.
- Change management. It means that you should keep all your processes updated which allows you to keep track of users, also install new software for changing and updating your database.
To be SOX compliant it is essential to demonstrate your competency in these four controls. Your auditors will investigate them as a part of the yearly audit. One of the best ways to show your SOX compliance is an implementation of the compliance software. Discover DataSunrise Data and Database Security platform which makes your audit easier and SOX will not be difficult anymore:
- Monitor all changes that affect financial transactions like data changes and database configurations. Moreover, you can audit the access to documents stored in Amazon S3 and mask them if it’s needed to hide some sensitive information for certain users. DataSunrise allows you to choose the most suitable deployment mode: Proxy, Sniffer, or reading database audit logs.
- Protect financial data from unauthorized access. DataSunrise allows you to easily configure the user access level to data, providing them with minimal and sufficient privileges.
- Centralize and automate audit rules, security, and dynamic masking configurations due to our compliance manager. It helps you to maintain different compliances, including SOX. Here we use periodic sensitive data discovery using table relations.
- Separate duties and guarantee auditor independence. DataSunrise Audit and Security helps you to control user access. Every user will have access only to needed data. It helps to prevent fraudulent activity and audit logs tampering.
- Know of the vulnerabilities of a specific version of the database. DataSunrise software scans all databases and assesses their vulnerabilities. You will see existing problems and suggested remediation steps.
- Securely transfer only necessary information between different departments of your enterprise with static data masking. It allows you to create a properly limited data set with a selected replacement of real private data with fake values.
- See every activity from internal and external users due to DataSunrise simple and flexible reporting system.
There are numerous requirements for internal control, financial reporting, and disclosures. Oftentimes companies need to comply with more than one regulation. For example, for SOX, you need to focus on the integrity of auditing and reporting. But for HIPAA you need to protect all data of your customers to avoid its leak. It is challenging and expensive if you need to comply with both procedures at the same time. DataSunrise Data & Database security software ensures you to be compliant with a number of regulations such as SOX, HIPAA, GDPR, and others. We offer a range of audits and data security solutions to help you meet different obligations, from data auditing to data security in the cloud or on-premises. Implementation of DataSunrise software allows you to concentrate on your business and save your time and budget.