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In simple words: "statutory" means "the laws and regulations". Complying with central and state acts will keep the company safe from legal risks. In terms of Computer Security this relates to local, state, national, and international laws governing the use of computers as well as the data they hold, process, and transmit. Examples of this would be complying with Sarbanes-Oxley and/or HIPPA in the USA and the EU Data Protection Directive in the EU.
In more detail:
Statutory compliance Statutory means "of or related to statutes," or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, who must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules, is in statutory compliance. Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequence is too small to worry about. For example, when you start a new business in most USA cities, you are supposed to go down to the courthouse and file a form stating what business you are now in. If you don't file it, few people will ever notice, and if they do, they usually just tell you to file it now. It behooves any company that uses computers to know what the relevant regulations are for their business, especially if they use computers to store, process, or transmit customer or employee data. If they are publicly traded, there will also be laws about handling, storing, transmitting, retaining, destroying, and disseminating that financial information.
What else can I help you with?
Is SEBI a statutory body or non statutory body?
Statutory Body
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
What are statutory expenses?
statutory expenses
What is statutory inducement?
What is statutory inducements
What the difference between statutory and non statutory bodies?
A statutory body deals with written law; non-statutory deals with implied law.
What is statutory fund means?
what is statutory fund
Statutory lending ratio?
There is no statutory lending ratio.
What is the definition of statutory estate?
==One Answer== There is no textbook definition for a "statutory estate" in the U.S. Perhaps you are referring to the statutory right of a spouse to waive the will and take a statutory share of the estate instead.
How do you calculate the statutory reserve of a company?
what are the statutory reserves of a company?
What is statutory and non statutory post?
legal and non legal
How do statutory and statutory differ?
statutory agencies are supported by the government such as schools, where as voluntary agencies have to support them selves e.g charities.
What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
