SOX is a United States federal law that set new or expanded requirements for all U.S. public company boards, management and public accounting firms.
SOX is stand for Sarbanes-Oxley, also called SOX Sarbanes–Oxley Act of 2002, also known as the "Public Company Accounting Reform and Investor Protection Act" and "Corporate and Auditing Accountability, Responsibility, and Transparency Act".
SOX primarily sought to regulate financial reporting and other business practices at publicly traded companies. However, some provisions apply to all enterprises, including private companies and not-for-profit organizations.
• Corporate Responsibility for Financial Reports
• Management Assessment of Internal Controls
• Real-time Issuer Disclosures
• Criminal Penalties for Altering Documents
• Data classification: Enable security teams to more easily monitor and enforce corporate policies for data handling.
• Sensitivity of data handling. Depending on the sensitivity of data and its applicable regulations, it may need to be encrypted, compressed, or saved to a different file format.
• Data Access Policy: With the correct policies in place, corporations can prevent unauthorized users, even those with administrative rights to the system, from viewing regulated data.
Penalties for non-compliance with SOX can be harsh. CEOs or CFOs who submit inaccurate certifications face up to 10 years in prison and a $1 million fine, while corporate officers who purposefully submit wrong certifications face up to 20 years in prison and fines up to $5 million.
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