Slashdot Mirror
Do We Need a Sarbanes-Oxley for The Internet?
An anonymous reader asks: "Since 2002, corporate executives have been held accountable through the Sarbanes-Oxley Act (SOX) for their own internal IT security (with heavy fines and even prison terms when SOX isn't complied with) despite the fact that this level of accountability doesn't exist for some critical elements of the internet. Is it high time for industry to collaborate on a stringent security doctrine to hold organizations accountable for operating, providing and commercializing Internet service, in effect a Sarbanes-Oxley Act for the Internet?"
SOX is a lie to make the public feel safe. You can still move money around from departments and expenses. The accountants make money on SOX, and you get a false "Warm and Fuzzy" feeling that the CEO/CFO wont take out personal loans. But golden parachutes still exist, and sign and profit bonus's, and a zillon other ways to get the Excecutives some money.
And the article is full of fluff, the companies he listed are already under SOX control, except offshore gambling.
Not great detail, but a quick over at wikipedia.
http://en.wikipedia.org/wiki/Sarbanes-Oxley