SOX Compliance Solutions
The Sarbanes–Oxley (SOX) Act is a US federal law enacted to protect investors from accounting fraud and improve corporate accounting procedures.
To ensure that financial documentation is truthful and transparent, SOX requires companies to implement cybersecurity mechanisms. In particular, organizations have to:
Achieving compliance can be challenging and expensive. Companies have to install new security software for SOX compliance, and employees have to prepare for SOX reporting. Ekran System is insider risk management software that helps you cover most SOX cybersecurity requirements and simplify the auditing process.
Who has to comply with SOX?
Complying with SOX is obligatory for a wide pool of companies operating in the United States. The list includes:
Independent auditors check companies for SOX compliance each year. They review two scopes of documentation: yearly financial statements and internal control reports. The latter describe the controls a SOX-compliant company uses to ensure the integrity and security of financial information.
Non-compliance with SOX results in a range of strict penalties, from removal from public stock exchanges to millions of dollars in fines and even years in jail.
Let’s take a look at major SOX cybersecurity controls and how you can meet them with Ekran System.
Meet SOX requirements with Ekran System
SOX demands that organizations implement internal controls — mechanisms and rules that ensure the integrity and security of financial data as well as protect an organization from fraud. The law doesn’t list an obligatory set of controls, so each company is free to choose what security mechanisms to implement.
Ekran System helps to detect, deter, and disrupt fraud and suspicious activity with financial data. Here’s how you can implement SOX compliance with our software:
SOX Section | Key requirements | Our offering |
Section 302: Corporate responsibility for financial reports |
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Section 404: Management assessment of internal controls |
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Section 802: Criminal penalties for altering documents |
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Pro tip: When auditing a company for SOX compliance, many independent auditors use the ISO 27001 auditing framework. Complying with this cybersecurity standard is voluntary, but it brings lots of benefits. Check out the details on ISO 27001 security requirements and how Ekran System helps to meet them.
Improve the SOX reporting process with Ekran System
Annual reporting is an important part of the SOX compliance audit process. Preparing internal control reports puts security officers under a lot of stress and adds a lot of overhead.Security officers need to collect enough proof that sensitive data is secured and that nobody has tampered with it during the year.
With Ekran System reporting features, you can improve your reporting process by generating reports with the data you need in one click. Ekran System can automatically generate various reports, including:
- User activity report — Overview of the activity of a user or group of users during a particular period of time
- Alert report — List of triggered alerts and events that caused them
- Terminal server report — List of users who have accessed a particular terminal
You can configure any number of reports and customize them with a corporate logo and contact information. Ekran System can generate your reports ad-hoc or on a schedule.
Ekran System is the SOX compliance solution that helps to detect insider threats, protect sensitive financial data, and report on compliance. Ekran can also help you meet the requirements of PCI DSS, NIST SP 800-53, HIPAA, and other IT laws, standards, and regulations.