Re: Does the Sarbanes-Oxley Act apply to Higher Ed too?

[Ariel Silverstone <ariel.silverstone () TEMPLE EDU>]

Per clarification received from the FTC due to the insistence of several
Universities, it does apply.

Thank you,

Ariel Silverstone

-----Original Message-----
From: The EDUCAUSE Security Discussion Group Listserv
[mailto:SECURITY () LISTSERV EDUCAUSE EDU] On Behalf Of David L. Wasley
Sent: Monday, September 29, 2003 1:16 PM
To: SECURITY () LISTSERV EDUCAUSE EDU
Subject: Re: [SECURITY] Does the Sarbanes-Oxley Act apply to Higher Ed too?

Well, IANAL (I am not a lawyer) but the Act begins with the statement:

"To protect investors by improving the accuracy and reliability of
corporate disclosures made pursuant to the securities laws, and for
other purposes."

I've interpreted that to mean "publicly traded corporations" which
would not apply to a state institution such as UC.  However, that
last little clause might augment the interpretation - i.e. to any
corporation that claims to be acting in the public interest or for
the public benefit.

In any case, we should be 'doing the right thing' regardless of what
a particular law requires.  I think executive level sign off on IT
security requirements and implementations makes a lot of sense.  I
think too often it's one of those 'won't fix the roof until the horse
has left the barn' sort of issues...

        David
-----
At 9:50 AM -0600 on 9/29/03, Clyde Hoadley wrote:

> I know several institutions of Higher Education were taken off guard by
> Gramm-Leach-Bliley.  Does the Sarbanes-Oxley Act apply to Higher Ed too?
> If so, how?
>
>   Title: Security and Sarbanes-Oxley
>    Source:   SearchSecurity
>    Date Written:  September 25, 2003
>    Date Collected: September 26, 2003
> The Sarbanes-Oxley Act, which was signed into law by President Bush on July
> 30, 2002 and will take effect in 2004 and 2005, was meant to deal with a
> variety of corporate governance issues, making upper management accountable
> for a company's actions. A by-product of the Act may be to involve senior
> management in information security. Under the Act, CEOs and CFOs are
mandated
> to attest that their companies have proper "internal controls" in place.
> Internal controls are widely interpreted to include adequate data and
network
> security, thereby forcing senior executives to sign off on IT security
issues.
> Security product vendors view the Act as an opportunity to sell their
wares,
> but no single product currently exists that guarantees compliance. In the
long
> term, the Act may help improve security, testing and awareness.
>
> http://searchsecurity.techtarget.com/originalContent/0,289142,sid14_gci9294
51,00.html
> --
> Clyde Hoadley
> Security & Disaster Recovery Coordinator
> Division of Information Technology
> Metropolitan State College of Denver
> hoadleyc () mscd edu
> http://clem.mscd.edu/~hoadleyc/
> (303) 556-5074
>
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