SOX cybersecurity requirements
To ensure that financial documentation is truthful and transparent, SOX requires companies to implement cybersecurity mechanisms. In particular, organizations have to:
Protect financial data
Control and monitor access to financial data
Report on the efficiency of internal controls
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:
Companies that have to comply with SOX
Public US companies
Foreign public companies operating in the US
Wholly-owned US subsidiaries
Private companies preparing an initial public offering
Accounting firms working on SOX-compliant companies
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:
Overview of functionality
|SOX Section||Key requirements||Our offering|
|Section 302: Corporate responsibility for financial reports||
|Section 404: Management assessment of internal controls||
|Section 802: Criminal penalties for altering documents||
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.
- 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.
Let’s get the conversation started
Contact our team to learn how our insider risk management software can safeguard your organization’s data from any risks caused by human factors. Book a call with us at a time that suits you best, and let’s explore how we can help you achieve your security goals.