How can data backup services help your financial organization to stay within normal limits for data compliance and follow data regulations? SOX or Sarbanes- Oxley Act of 2002 has implemented higher standards for those in the financial industry. Due to the huge scandals involving WorldCom, Adelphia, Tyco International, Peregrine Systems, and Enron, the securities market has changed dramatically.
Investors lost billions of dollars once the companies collapsed, and public trust dwindled. Although this act applies to all public companies, private firms are exempt. The Sarbanes-Oxley Act of 2002 requires the Securities and Exchange Commission to completely implement, comply with the new law and its rulings.
There are 11 main data compliance and data auditing sections to the Sarbanes-Oxley Act of 2002. One of the most important ones is under the category of “Corporate Responsibility”. It states that senior company executives are required to take individual responsibility for the various data regulations and data compliance laws. They are required to take responsibility for the completeness and accuracy of their organization’s financial reports.
It details the responsibility the company officers have to ensure validity and accuracy of all corporate financial statements. It also places strict limits on the behavior of these senior officers, by outlining the civil penalties for not being in data compliance with all of the data regulations and data auditing rules. It also goes on to require data compliance with all key officers to approve and certify the integrity of the quarterly financial reports.
This act considers manipulation, alteration, and deletion of specific documents a crime. This is why it is so important to use data backup services in order to practice data compliance and follow data auditing policies carefully.
Data Backup Services Can Help You Be Within Normal Data Compliance
By using a data backup services provider, you can back up all the files daily. You‘ll be taking steps to practice data compliance with the various rules and data regulations.
The remote server is housed at a service provider that will back up all your computer data auditing files on their system. The backup system is built around your organization’s data regulations and data auditing needs and can be scheduled to run once a day, twice a day, or however many times you need.
It also can be timed, doing backups late at night, when no one is in the office, or early in the morning before anyone comes in. The data backup programs usually gather all data, compress it, use encryption for privacy, and then safely transfer the files to a remote backup server. Some organizations will build a separate IT department and wish to house their files on a separate in-house server. The cost associated with this idea is tremendous.
Not only will there be more space required to house the new systems, but also new systems need to be purchased, new employees need to be hired, and then time will be needed to install and implement the system. By using online data backup services, your organization can save plenty of money and time. Many service providers have versatile software that can blend in with any organization’s current set up. All the work is done remotely, without interfering with your organization’s productivity or efficiency.
What Are The Costs Associated With Adhering To Data Auditing and Data Regulations?
The cost associated with online backup services will vary and depend on several factors:
1. The complete amount of data that needs to be backed up.
2. The amount of machines that will be covered by the service.
3. The number of different versions of one file.
4. Archiving periods.
5. Retention periods.
6. Unmanaged backups vs. Managed backups.
7. The level of features and services that is available.
While some vendors offer an unlimited amount of versions for each file, others have a limit and restrict the number of versions to one file. In addition, there are adding on features that may raise the cost. For example, some backup service providers provide the ability to back up locked files and files that are currently open and being used.
There are many advantages to using remote back up services over the traditional methods. Traditional back up involves having to manually take the backup hardware off the work site, while online backup services can easily back up your files in minutes and send it to a different location from your building. There are no tapes to change, no CD’s to copy and label, and no limit to the data that can be stored. In addition, the backups are completely free of user intervention and automatic. Remain compliant with all regulations by backing up your files with our online data backup services.