The Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act hold affected organizations accountable to protect private information of their customers — meaning that IT must assess the risks and implement appropriate safeguards. Public companies need accounting systems under the Sarbanes-Oxley Act of 2002 — meaning that IT must establish and maintain internal controls over an organization’s financial reporting systems.
As critical partners to organizations under government oversight, lawyers need to understand what steps IT departments are taking to ensure compliance with regulations. Toward that end, lawyers should have a working knowledge of the security frameworks designed to mitigate risks and satisfy government regulations. Otherwise, they may find themselves the target of a Securities and Exchange Commission investigation or find their organization responsible for hefty fines.
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