THE SARBANES-OXLEY ACT OF 2002
The Sarbanes Oxley Act of 2002 provides legal requirements for publicly owned companies when dealing with data that they hold. Examples of this data include financial, medical and customer information such as social security numbers, credit information and banking records. Under the Sarbanes Oxley act a company can be audited by an outside agency to ensure compliance with the law. Failing such an audit can lead to serious repercussions provided under the law.
The Sarbanes-Oxley Act of 2002, sponsored by Sen. Paul S. Sarbanes and Rep. Michael Oxley and signed by President Bush, was created to help remedy the many corporate accounting failures and falsified financial reports of recent years. It is the biggest securities legislation in 70 years and it established a new Public Company Accounting Oversight Board to set auditing standards. The Sarbanes-Oxley Act (SOX) established many new requirements for SEC registered companies and the firms that audit them.
The focus for most public companies is SOX Section 404, which requires public companies to document their financial and IT controls, periodically evaluate the effectiveness of these controls, and report publicly on their evaluation. External auditor firms are required to test and evaluate management’s assessment, and to perform their own test of the controls so that they can express an opinion about the company’s control process. 2004 was the first year in which companies were required to report on their internal control evaluations.
IN A NUTSHELL SOX REQUIRES COMPANIES TO PROTECT THEIR SENSITIVE DATA AND REPORT PUBLICLY ON HOW THEY DO SO, AND TO REPORT PUBLICLY ANY FAILURES TO DO SO
When a company undergoes a major equipment overhaul they may be faced with an enormous amount of data that they need to destroy. This may include any of hundreds of types of magnetic data tape, optical disks, Magnetic storage devices and so forth. To comply with Sarbanes Oxley act the company must fully document and record the path of this data. Under This law it is probably not in your best interest to sell your used equipment, unless it is fully degaussed on your site.
We Buy Used Tape can help you with this enormous task. There is no need to worry yourself or your investors. We buy used tape offers a full range of Data Destruction Services. There are several ways to set your mind at ease when it comes to destroying your sensitive data.
We can come to your site and physically destroy and dispose of the equipment providing you with the peace of mind of fully destroyed media and media destruction certificates that can be used to prove your compliance. Click here to find out more
We Buy Used Tape can also come to your company’s location and provide a detailed plan of how to dispose of your media to guarantee compliance with the law. Our years of experience and professional staff and partners will give you the confidence that you need to be sure that you are doing the right thing.
We can also come to your site and perform degaussing services so that you can store and reuse any equipment. Alternatively, we feature Verity Systems degaussing equipment which you can purchase from us to be used by your own IT departments to destroy data on your magnetic storage devices. We can provide your company with any number of different solutions for your data destruction needs. We can take over the project completely so that you have nothing at all to lose sleep over, or we can sell you the necessary equipment to do the project on your premises.
STORAGE SOLUTIONS AND THE LAW
An excerpt from an article in the September 2004 editition of the Computer Tecnology Review Titled: “Tape storage for Sarbanes-Oxley compliance”
“At a fraction of the TCO (Total Cost of Ownership) of magnetic or optical disc systems, tape cartridges can store massive amounts of incremental data for less than $0.35 per Gigabyte (compared to about $30 per Gigabyte for a “compliance-edition” magnetic disk-based Content Addressable Storage system). Current tape media will retain data for 15 to 30 years, far exceeding the retention requirements of almost all organizations and the useful lifetime of a magnetic disk drive. And by using automated tape libraries for near-line access, any document can be retrieved quickly and without human intervention to fully meet the needs of management, employees and auditors.”
Read the full article here, Tape Storage for Sarbanes Oxley Compliance