Sarbanes-Oxley Act (Sarbox, SOX)
Purpose: Enacted in 2002, the Sarbanes-Oxley Act is designed to protect investors and the public by increasing the accuracy and reliability of corporate disclosures. It was enacted after the high-profile Enron and WorldCom financial scandals of the early 2000s. It is administered by the Securities and Exchange Commission, which publishes SOX rules and requirements defining audit requirements and the records businesses should store and for how long.
To whom it applies: US public company boards, management and public accounting firms.
Key points for CISOs: SOX places requirements around maintaining integrity and availability of financial data, and controls for who has access to that data. Specific rules need to be in place for:
Published December 17, 2020, 9:45 AM
Industry Perspectives
It has been a tough year for everyone and as the pandemic continues to rise, the retail industry has adapted with the current changes that affected the overall industry. The short- and long-term effects of COVID-19 on the retail industry are, and will continue, to be very challenging to many companies. The ability to adapt by investing in technology to support new workforce, partner, and operations needs will determine which retail brands survive the pandemic. But switching to new ways of doing business is not enough; a security-first mindset to secure these new approaches is also needed.