SOX

SOX

  • Sarbanes-Oxley Act (SOX): Enacted in 2002 to protect the public from fraudulent practices by corporations, following major financial scandals like Enron and Tyco.

  • Key Requirements: SOX sets new requirements for US public company boards, management, and public accounting firms to increase transparency and accuracy in financial reporting.

  • Cybersecurity Impact: SOX helps keep financial data secure from insider threats, cyber attacks, and security breaches through a data security framework with four key pillars: ensuring financial data security, preventing malicious tampering, tracking data breach attempts, and maintaining event logs for auditors.

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