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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 storing of the
records becomes vitally important because 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 to a format that will
insure it can satisfy the legal requirements of the SOX, i.e. the increased use of online remote data storage
facilities / programs.
As an online data storage facility, IDrive is not privy to the contents
of the information stored for a client. The customer must maintain
responsibility for ensuring that it is in compliance as to what
information is being kept and who in the organization (including
independent auditors) has access.
IDrive is only responsible for the
availability and security of the information being stored and has put safe guards in place to ensure appropriate quality control standards.
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IDrive assists with SOX compliance in the following manner: |
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The data files backed up are encrypted on transfer and stored using AES 256-bit encryption and automatically decrypted during restores. The encryption is based on the private encryption key so that the data stored on IDrive servers cannot be decrypted by anybody other than you or a designate |
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Your files are logged with a date and time stamp each time they are accessed |
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All backups are immediately available from the web |
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Data remains on the IDrive servers for as long as you want to retain it
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Note: |
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