What is motivating your disaster recovery plan?
Many businesses now face federal and governing agency mandates to maintain complete back up records of all their electronic business transactions. Industry-specific regulations to impose confidentiality, industry portability, and preservation of financial records force many organizations to implement processes to support data backup and recovery objectives.
PowerSync Professional can assist companies within the medical, accounting and legal professions to comply with these new standards to avoid the penalties now being levied against violators of:
The Health Insurance Portability and Accountability Act of 1996 (HIPAA), was the result of efforts by the federal government to ensure health care data practices permitted ease for patients to move jobs, insurance and health care providers.
The goals and objectives of this legislation are to streamline industry inefficiencies, reduce paperwork, make it easier to detect and prosecute fraud and abuse while enabling workers of all professions to change jobs easily, even if they (or family members) had pre-existing medical conditions.
HIPAA requires the ability to establish and maintain reasonable and appropriate administrative, technical, and physical safeguards to ensure integrity, confidentiality, and availability of the information. Health Care organizations are required to individually assess their security and privacy requirements and take suitable measures to implement electronic data protection (both in transit and in storage). As proposed, a HIPAA-compliant information system will need to include a combination of administrative procedures, physical safeguards, and technical measures to protect patient information while it is stored and while it is transmitted across communications networks. PowerSync Professional provides critical data security protection without compromising patient privacy and can help customers achieve HIPAA compliance.
The Sarbanes-Oxley (SOX)
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 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 storage facility, PowerSync 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. PowerSync is only responsible for the availability and security of the information being stored, and has safeguards in place to ensure quality control standards.
The Securities and Exchange Commission (SEC)and the National Association of Securities Dealers (NASD) have instituted regulations that demand compliance surrounding the storage of financial records and electronic communication.
PowerSync Professional assists with SEC / NASD Regulations in each of these areas:
- Data is verified automatically every time a backup takes place.
- Data is available for online restore 24 x 7. All backups are stored with the catalogs (indexes) and accessible to authorized users at all times.
- Data resides on RAID-protected industry leading NAS / SAN storage devices with multiple levels of redundancy. In addition, regular backups guarantee availability of stored data.
GLBA affects a wide range of financial institutions such as banks, thrifts, credit unions, and insurance firms as well as any firm engaged in activities including:
- Mortgage Lending
- Credit Card Activities
- Securities Brokerage Activities (Including Dealers and Advisors)
- Insurance Sales (Underwriters and Agents)
- Tax Planning and Preparation Services
- Investment Advice