Technology will have a huge impact on accounting in the future. One area of technology that is impacting the development of accounting systems is Cybersecurity. The threats of this development can be seen in the following ways:

• Loss of a mobile device such as laptop, tablet or phone through carelessness or theft
• Leaking of sensitive information from disgruntled employees
• Attacks from organised gangs of criminals

These risk are becoming a great threat as people rely more on digital devices and technology. As more digital products and services are provided, the security of data becomes increasingly complex.

What Should Managers Do?

Managers must ensure their governance of cybersecurity develops with the technology. They should look to understand the nature and likelihood of cyber crime, identify and mitigate existing and emerging risks, implement controls and policies to maintain the integrity of data privacy and security, educate users on the risks associated with mobile devices and social media and ensure cyber security is taken seriously at board level. When reviewing cyber security, consideration should also be given to the impact of accidental damage and natural disasters. Offsite back up security should also be reviewed.

What questions do you have?

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