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Sarbanes – Oxley Compliance

The Sarbanes-Oxley (SOX) Act of 2002 legislates how long and the manner in which companies store their financial records. Created largely in response to the Enron and WorldCom scandals, the SOX act is designed to safeguard against accounting errors and other illegal financial activities. In placing a more rigorous requirement on financial reports, the storage of these records becomes important as the trail of transactions must be secure.

The act specifically states that electronic records must be saved for at least five years to ensure that the auditors and other regulators can easily obtain requested documents.

The regulated companies, in choosing a storage method, will therefore look at a format that will satisfy the legal requirements of SOX, i.e. the increased use of online remote data storage facilities / programs.

As an online data synchronizing facility, IDriveSync is not privy to the contents of the information stored. The customer alone must maintain responsibility of ensuring that it is in compliance as to what information is being kept and who in the organization (including independent auditors) has access. IDriveSync is only responsible for the availability and security of the information being stored, and has safeguards in place to ensure quality control standards.

  • The data files are encrypted on transfer with 128-bit SSL and stored with 448-blowfish encryption. The encryption is based on the private encryption key so that the data stored on the IDriveSync servers cannot be decrypted by anybody other than you or a designate
  • Your files are logged with a date and time stamp each time they are accessed
  • All synced data is immediately available from the web
  • Data remains on the IDriveSync servers for as long as you want to retain it

Many of the compliance items require usage of the optional private encryption key that is known only to the user and not stored on IDriveSync servers.

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