Sarbanesa-Oxley's (SOX) law
This law works in the USA and sets certain mandatory requirements to financial statements. It was adopted in response to large financial scandals to protect shareholders and the public from errors of accounting records and possible fraud. Its observance is monitored by Securities and Exchange Commission (SEC).
SOX stipulates what records should be stored and during what time. It affects also IT departments, requiring that all business information, including e-mail and other electronic records, was stored within at least five years. Non-compliance with these requirements can conduct to penalties and even imprisonment.
According to Analysys Mason, only about 33% of suppliers of cloud services fulfill the requirements of SOX.
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