The dramatic increase in cyber crime, frequent cases of lack of internal corporate financial controls, and the recognized value of information to companies and individuals has resulted in the enactment of legislation and regulations requiring significant improvements in information protection. In the U.S., the Healthcare Insurance Portability and Accessibility Act (HIPAA) mandates very stringent protection of all individually identifiable healthcare information. Information protection requirements have been placed on government and private organizations by legislation such as the Homeland Security Information Sharing Act (HSISA, H.R. 4598)

A long list of new requirements have been placed on protection of information:

• Sarbanes-Oxley Act – Passed in 2002, this Act places strict requirements on company Boards and Officers to proactively prevent mishandling of information.

• Gramm-Leach-Bliley Financial Services Modernization Act mandates strong protection of personal financial information.

• California SB 1386 (the California Data Security Act) requires control of privacy of individual financial information.

• New York Reg. 173 mandates the active encryption of sensitive financial information sent over the Internet.

• Homeland Security Information Sharing Act (HSISA, H.R. 4598), Security Rules and Regulations.

• Healthcare Insurance Portability and Accessibility Act (HIPAA), place liability on anyone who fails to properly protect patient health information including bills and health related financial information.

• International Organization for Standardization (ISO) 17799, This standard defines an extensive approach to achieve information security including communications systems requirements for information handling and risk reduction.

• Basel Accord.

• European Union Data Protection Directive – Mandates protection of personal data.

• Japanese Protection for Personal Information Act, Kojin Joho Hogo HouA, May 2003.

• 17CFR Part 210’s records retention.

• IASB’s accounting procedures from AICPA and FASB.

• SEC and NASD, 21 CFR Part 11.

• NASD rules 2711 and 3010.

• FDA 21 CFR-11.

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