From the course: Cybersecurity Foundations: Governance, Risk, and Compliance (GRC)
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SOX
- [Instructor] SOC 2? No, SOX. No, not the socks I'm wearing on my feet, S-O-X. Let's talk about Sarbanes-Oxley as our next framework, or law. SOX stands for the Sarbanes-Oxley Act of 2002, which was passed by the US Congress to protect the public from fraudulent practices by corporations or other business entities. The Sarbanes-Oxley Act was enacted in 2002 as a reaction to a number of major financial scandals, including the Enron, Tyco International, and a few others. These scandals impacted public confidence in US securities markets and cost investors billions of dollars. The law is named after Paul Sarbanes and Michael Oxley, the two congressmen that drafted it. SOX set new and expanded requirements for all US public company boards, management, and public accounting firms, with the goal of increasing transparency in financial reporting and formalizing systems for internal controls. Very simply put, the goal of SOX is to protect investors by improving the accuracy and reliability…
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