Developments In Technology

Question 1

Cloud computing can either be

Answer 1

Private or public

Question 2

Public cloud system

Answer 2

Sold to anyone on internet

Question 3

Private cloud system

Answer 3

Proprietary closed system for limited set of users

Question 4

Digital asset

Answer 4

Any text or data file
that is formatted into a binary source
which included the right to use it

Question 5

2 common types of digital asset

Answer 5

Media assets
E.g. images and multimedia

Textual content
E.g. documents

Question 6

Ways businesses protect digital assets

Answer 6

Encoding
Encryption
Watermarks

Question 7

Distributed ledger technology allows

Answer 7

People who don’t know eachother to trust a shared record of events

Question 8

Key features of distributed ledger technology

Answer 8

No central storage
Shares by all parties who require access
Each has an identical copy of ledger

Parties add to shared record
Procedures (e.g. blockchain) ensure info is valid before accepted

Lack of central administrator

Question 9

How security is provided in distributed ledger technology

Answer 9

Cryptographic keys

Clear signatures of all transactions

Question 10

Blockchain

Answer 10

Type of database
Sores information in blocks that are chained together

Used to ensure only valid info is recorded in distributed ledger systems

Question 11

Blockchain process

Answer 11

1. Net transaction entered
2. Transaction is transmitted to network of peer to peer computers (across the world)
3. Network solves equations to confirm validity of transaction
4. Once confirmed, transactions clustered together into blocks
5. Blocks chained together forming a permanent history of all transactions
6. Transaction complete

Question 12

Fintech

Answer 12

Software and other technologies that provide automated and improved financial services

E.g. challenger banks, banking apps, crowdfunding, peer to peer lending (Zopa), online currency conversion, digital wallets (Apple Pay)

Question 13

Cryptocurrencies

Answer 13

Digital tokens allowing online trading

No 3P (bank) involvement
So similar to paying with cash

Question 14

Cryptocurrency features

Answer 14

Distributed ledgers
Blockchain

Currency in a digital wallet

Volatile price of currency

Risk of online wallet being hacked

Opportunity for money laundering
Due to privacy levels

Question 15

Cognitive technologies

Answer 15

Computer based systems
Represent, reason about and interpret data
Learn about structure of the data
Analyse it to extract patterns and meaning
Then derive new information
Identify strategies and behaviours from the results of their analysis

Question 16

AI

Answer 16

Thought to require human intelligence

Question 17

Robotic Process Automation (RPA)

Answer 17

Creation of tech and applications
To control and monitor activities
Without human interference

Facilitated by:
Intelligent systems
Artificial intelligence

Question 18

Impacts of technological development on accountancy profession

Answer 18

Tech performing routine work
E.g. transaction processing, assurance, auditing

Question 19

Management information sysetms (MIS)

Answer 19

Systems to produce information allowing managers to make effective decisions

Question 20

Some types of MISs

Answer 20

Executive information systems (EIS)
/executive support systems (ESS)

Decision support systems (DSS)

Expert systems (ES)

Knowledge work systems (KWS)

Office automation systems (OAS)

Question 21

EISs/ESSs

Answer 21

Database that pools data
from internal and external sources
providing easy to use information to senior managers

Question 22

DSS

Answer 22

Combines
Data models
Analytical models/data analysis tools
To support decision making

Question 23

ES

Answer 23

Expert knowledge and information
Database holding specialised data and rules about
What to do in/how to interpret
A given set of circumstances

Question 24

KWS

Answer 24

Facilitate creation and integration of new knowledge into an organisation.

Question 25

OAS

Answer 25

Systems that improve the productivity of data and information workers

Question 26

Risks of technology

Answer 26

1. Obsolescence
2. Inexplicability
3. Data protection
4. Automation
5. Ethical

Question 27

Data protection risk

Answer 27

Legislation

Question 28

Automation risk

Answer 28

Training of staff to be able to work in and automated environment

Question 29

Ethical technology risks

Answer 29

Who is at fault if a computer makes a mistake?
Can machines ‘think’ ethically?

Question 30

Cyber risk definition

Answer 30

Risk of financial loss
Business disruption
Reputation damage

Consequence of accident and poor systems integrity

Question 31

Cyber risks examples

Answer 31

1. Hacking
2. Phishing
3. Malicious software
4. Distributed denial of service attacks

Question 32

Hacking

Answer 32

Using specialist software
To gain unauthorised access to systems

Question 33

Phishing

Answer 33

Bogus emails
That ask for personal/security info

Question 34

Malicious software

Answer 34

E.g file hijacker/ransomeware

User’s files are hijacker’s and held to random

Question 35

DDoS

Answer 35

Distributed denial of service attacks

Websites and online services overwhelmed with large amounts of internet traffic that is designed to crash the system

Question 36

Cyber resilience

Answer 36

Ability of organisation
To ensure its data and information is
Reliable
Available
Has integrity
Adequately protected

Question 37

Cyber security measures

Answer 37

Back-ups

Information security plans

Question 38

Back ups

Answer 38

Ensure:
1. Business can continue
2. Critical data is recovered

Question 39

Information security plan key areas

Answer 39

Securing systems and device configurations

Network security

User privileges

Home and mobile working

Removable media controls

User education and awareness

Web services

Legal requirements

Compliance

Incidental management

Monitoring