If you or your clients need to meet SOC compliance standards, Otava can provide the safe environment your data needs to meet financial recordkeeping and reporting regulations. Our cloud hosting meets SSAE 16/SOC 1, SOC 2, and SOC3 compliance standards, and all of our locations follow industry-standardized processes in order to provide the security and the flexibility to custom fit your organization’s needs.
We go above and beyond the self-prescribed SSAE 16 audit and invest in annual, independent audits against the SOC 2 standard as well to verify data center security, availability, processing integrity, confidentiality, and privacy to provide a secure and audited environment for your data and applications. Combine that with our disaster recovery and cloud backup options, and you have a hybrid environment built to fully support your organization.
The Sarbanes-Oxley Act of 2002 (SOX) was established to regulate financial practices and protect against fraud. Administered by the Securities and Exchange Commission, the SOX Act refers to which records should be stored and for how long. Your hosting partners are affected by Sarbanes-Oxley by virtue of making sure your company’s electronic records remain secure. There are 3 different reports used by SOX to determine a company’s secure financial data compliance: SOC 1, SOC 2, and SOC 3.
There are three SOC rules that affect businesses. Secure data compliant hosting rules are from the SOC 2 and SOC 3 reports, while SOC 1 examines financial reporting controls. These 3 rules include the preservation and accuracy of electronic records, the recommended retention period for records storage (five years), and the type of business records that must be stored, including all communications. The annual deadlines to meet financial reporting and certification mandates for financial statements require companies to follow a timeline.