Mumbai University >Information Technology>Sem7>Cloud Computing

Marks: 10 M

Year: Dec2011, Dec2014

The auditing & regulating standards currently in effect are:

1. Gramm Leach Bliley Act(GLB)

2. Sarbanes Oxley Act(SOX)

3. Health Insurance Probability & Accountability Act(HIPAA)

4. Payment Ford Industry Data Security Standards (PCI-DSS)

1) GLB Act:

• The GLB act is applicable to financial institutions which includes non-bank mortgage lenders, loan brokers, some financial or investment advisors, debt collectors, tax return prepares, banks and real estate settlement service providers.

• GLB’s safeguard rule requires financial institutions to develop a written plan that describes how the company is prepared for and plans to continue to protect client’s nonpublic personal information.

2) SOX

• It is applicable to publicity owned companies to prevent corporate frauds.

• It is intended to make corporate reporting more transparent.

• Its provisions aim to

  → Reduce or eliminate conflicts of interest of independent financial auditors.

  → Improve oversight by boards of director’s audit committees of independent financial auditors.

  → Increase oversight by the Securities and Exchange Commission (SEC) by increasing its budget.

  → Require accounting for employee stock option compensation as an operating expense.

3) HIPAA

• HIPAA’s privacy Rule establishes regulations for the use and disclosure of protected Health Information (PHI).

• PHI is any information held by a covered entity that concerns health status, provision of health occur that can be linked to an individual.

4) PCI-DSS

• It defines control objectives & requirement for compliance for merchants that process, store or transmit payment card holders primary account number which is 16 digits.

• It provides merchants with self-Assessment questionnaire (SAQ) which is a validation tools intended to assist merchants and service providers their compliance with the PCI OSS.

• PCI issued a prioritized approach. Framework which focuses on following Security milestones.

  • If you don’t need it, don’t store it.

  • Secure the perimeter

  • Monitor & control access to your system

  • Protect stored card holder data

  • Finalize remaining compliance efforts & ensure

  • All controls are in place.