Even members of the financial establishment who advocate the strict new guidelines wonder if the process will overwhelm businesses.
This is a new regulatory environment youre all playing in, Levitt cautioned in the Webcast. We have an obligation not only to store vital corporate data but to ensure it is retrievable and auditable. I dont think anyone would minimize the enormity of the task.
Levitt points out that the SOA requires companies next year to make annual reports available in one-third less time than allowed by current laws. The window to prepare quarterly reports will shrink to 35 days (down from 45), and companies must disclose how they gathered their data.
Not only must data be gathered more quickly and with more accountability. There will be much more of it as well. A report by The Enterprise Storage Group Inc. forecasts a 64 percent compound annual growth rate in the volume of compliant records over the next four years. Financial services, healthcare, life sciences, and government industries will generate much of that growth.
Compliance is not optional, growls Peter Gerr, an ESG research analyst who co-authored the study. Were just seeing the beginning of what is a big ripple effect. IT and business professionals must ensure hardware systems and software are flexible, scaleable, and minimally disruptive to current business processes.
To realize the benefits of cloud-native software, an application must actually be cloud-native—designed to run in the cloud, interacting with disaggregated cloud services, fully manageable as code—to deliver the expected benefits.
By combining resources and expertise, the AI-Enabled ICT Workforce Consortium will offer a blueprint for how industries can adapt to an AI-dominated future.
IT leaders should heed the guidance of cybersecurity insurance providers who think businesses should prioritize security education, incident preparedness, regular internal audits, and ongoing vulnerability scanning and patching.
