Bitback Is Now Sarbanes-Oxley (SOX) Certified

SOX compliance

Bitback Is SOX Compliant

Bitback Incorporated is pleased to announce that it is Sarbanes-Oxley (SOX) certified to comply with the SOX data retention  This helps in the following ways:

  1. Section 104: Inspections of Registered Public Accounting Firms

What this means: Inspections must be conducted every year for firms auditing more than 100 issues per year, or every 3 years for other firms. The SEC (or even the Board) may order impromptu inspections of any firm at any time.

How Bitback Cloud helps you with compliance: Bitback Cloud gives users access to their data whenever they need it. An auditor or authorized inspector may access any stored files that Bitback Cloud has. Bitback cloud keeps unlimited versions of your files for comparison – with no storage penalties!

  1. Section 103: Auditing, Quality Control, And Independence Standards And Rules

What this part states: The Board shall: (1) register public accounting firms; (2) establish, or adopt, by rule, “auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers;” “The Board requires registered public accounting firms to “prepare, and maintain for a period of not less than seven years, audit work papers, and other information related to any audit report, in sufficient detail to support the conclusions reached in such report.”

How Bitback Cloud helps you comply: Bitback Cloud helps you prepare documents for your SOX inspections and audits. It encrypts locally, encrypts again during transport over the internet and then stores your data across multiple servers encrypting again at 1024 bit (military grade). Only those with the correct password and encryption key can access these files. Files can be restored using the Bitback Cloud client software or using a Web browser with an encrypted connection.

  1. Title VIII: Corporate and Criminal Fraud Accountability Act of 2002

What this means: “Knowingly” destroying or creating documents to “impede, obstruct or influence” any federal investigation, whether it exists or is contemplated, is a felony.

How Bitback Cloud helps you comply:  We utilize only the latest technology available to prevent unauthorized access to your data. Our state-of-the-art data centers employ top-level security, bothe physical and technical:

    • Our servers are geographically separated – in over 11 countries
    • Redundant power supply with backup generators at each facility
    • We utilize redundant internet connections with multiple providers
    • Finger scanners, motion detectors and camera tracking
    • Restricted access to our 24/7 expert technical response administrators only

 

  1. Section 802: Document Alteration or Destruction 
    Section 1102: Tampering With a Record or Otherwise Impeding an Official Proceeding

What does this mean: Makes it illegal to knowingly alter, destroy, mutilate, or conceal any document with the intent to alter the document’s integrity or availability for use in an official investigation or to otherwise obstruct, influence or impede any official proceeding / investigation.

How Bitback Cloud helps you comply: Bitback Cloud protects your business data by storing unlimited historical versions of your documents (without a storage penalty) that may be the target of malevolent altering. Any file deleted off the backup view on a local PC or server remains at our data centers forever (unless manually deleted off the backup server)and can be restored in minutes. We successfully lessen your risk of prosecution by providing data integrity for official actions.

  1. Section 105(d): Investigations And Disciplinary Proceedings; Reporting of Sanctions

What does this mean: All documents prepared or received by the Board are regarded “confidential and privileged as an evidentiary matter (and shall not be subject to civil discovery or other legal process) in any proceeding in any Federal or State court or administrative agency, …unless and until presented in connection with a public proceeding or [otherwise] released” in connection with a disciplinary action.

How Bitback Cloud helps you comply: Bitback Cloud uses triple military grade encryption and to maintain complete confidentiality. Your data is encrypted locally, again in transit and once more when it reaches one of our data centers. We also offer an “Ultra Safe” option at no extra cost which also complies with HIPAA regulations. Your password can never be reset or restored (so don’t forget it) making access completely up to you.

 

Benefits to firms and investors

Lord & Benoit Report (2006): Do the Benefits of 404 Exceed the Cost? A study of a population of nearly 2,500 companies indicated that those with no material weaknesses in their internal controls, or companies that corrected them in a timely manner, experienced much greater increases in share prices than companies that did not.[19][20] The report indicated that the benefits to a compliant company in share price (10% above Russell 3000 index) were greater than their SOX Section 404 costs.    Wikipedia Entry

We hope this offering is helpful to you. Please contact us or comment below if you have any questions.

Thanks for reading!

Dave

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