Growing incidents of unethical financial practices and increased risk of unauthorized corporate and financial disclosure in the industry was the driving factor behind the establishment of SOX Compliance. Today, achieving SOX compliance is seen as an industry best financial practice for maintaining a good data security standard.
The Act was introduced to bring in a major reform in the security and governance of financial disclosure and further gain public trust and confidence over an organization’s auditing and financial reporting. The standard aims to govern the financial operations, disclosures, and contracted financial services against any unethical practice. Elaborating on the requirements of SOX compliance, we have shared some tips that can help organizations like you achieve compliance. But before heading straight to the compliance process, let us first learn a bit more about SOX Compliance.
The Sarbanes-Oxley Act which is also popularly known as SOX Compliance is a standard that protects clients and stakeholders from fraudulent financial activities and disclosures. The SOX Act outlines compliance requirements for organizations to adhere to and ensure secure business practices.
The objective behind enforcing SOX compliance is to improve the accuracy and reliability of financial activities and the corporate disclosures. Achieving SOX compliance is not just a mandate by law but is also seen as a good business practice adopted by organization. Public traded companies including foreign companies, subsidiaries, accounting firms that audit public companies, and companies that have business in the United States are required to comply with SOX. Non-compliance to SOX Act can result in hefty fines and penalties.
No company is immune to the attention of cybercriminals who may attack any business - any location, any type, and any size.
The saying amongst security professionals is, 'there are two types of organizations: those which have been infiltrated and those which have been but do not know it yet.
The UK government Cyber Security Survey discovered that 40% of small businesses and 28% of micro had recognized an attack or breach in 2019.
That survey also found that this had amplified from 33% of small firms and 17% of micro-businesses just three years before.The extent to which businesses get affected depends on the type of attack.
For the most part, this kind of attack causes no lasting harm.
This kind of security breach is more likely to have lasting effects on the targeted firm, often extorting large sums of money from businesses by threatening to make the data breach public.
Recently there has been a wave of ransomware and sniper attacks online that have left many businesses and individuals compromised not only can these attacks your computer and destroy your data but even more importantly you could end up being the victim of identity theft in this article we’ll cover 11 steps you can follow to protect yourself from being a victim of these types of attacks.
Ever since technological advancements took a forefront in our priority list, there has been an increase in the number of cyberattacks.
With the rise in attacks, the government, organizations, and even individuals have started looking out for practices to protect their network, systems, data, and programs.
These digital attacks are aimed at destroying sensitive information, accessing unauthorized data, and extortion of money.
Various cybersecurity measures are implemented to put an end to them.Importance of CybersecurityCybersecurity is crucial as it surrounds everything that is concerned with the protection of an organization/individual/a government’s personal information, sensitive data, bank account details, credit card details, health information, information systems, and more.
Without cyber security, all important information is vulnerable to theft, damage by cybercriminals.What are the types of cyberattacks?Cyberattacks are offensive actions that have a crippling after effect for an organization.
According to the World Economic Forum (WEF), cyberattacks are considered to be one of the most significant global risk.
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defence and other manufacturing sectors.
Global IoT is expected to reach at a CAGR of about 40 % during a forecast period of 2017-2026.
Get exclusive free pdf sample copy of this report @ https://www.maximizemarketresearch.com/market-report/global-iot-security-market/1543/ Maximize Market Research offers a latest report on “global IoT Security market analysis and forecast 2018-2026”.
This report intends to study the developments of the IoT Security Market in, including its development status, applicant profiles and future trends, along with focus on the top Key players in the market IoT Security industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as swot analysis, bcg matrix, scot analysis, pestle analysis and so on.
