Developments In Technology Flashcards
Cloud computing can either be
Private or public
Public cloud system
Sold to anyone on internet
Private cloud system
Proprietary closed system for limited set of users
Digital asset
Any text or data file
that is formatted into a binary source
which included the right to use it
2 common types of digital asset
Media assets
E.g. images and multimedia
Textual content
E.g. documents
Ways businesses protect digital assets
Encoding
Encryption
Watermarks
Distributed ledger technology allows
People who don’t know eachother to trust a shared record of events
Key features of distributed ledger technology
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
How security is provided in distributed ledger technology
Cryptographic keys
Clear signatures of all transactions
Blockchain
Type of database
Sores information in blocks that are chained together
Used to ensure only valid info is recorded in distributed ledger systems
Blockchain process
- Net transaction entered
- Transaction is transmitted to network of peer to peer computers (across the world)
- Network solves equations to confirm validity of transaction
- Once confirmed, transactions clustered together into blocks
- Blocks chained together forming a permanent history of all transactions
- Transaction complete
Fintech
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)
Cryptocurrencies
Digital tokens allowing online trading
No 3P (bank) involvement
So similar to paying with cash
Cryptocurrency features
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
Cognitive technologies
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
AI
Thought to require human intelligence
Robotic Process Automation (RPA)
Creation of tech and applications
To control and monitor activities
Without human interference
Facilitated by:
Intelligent systems
Artificial intelligence
Impacts of technological development on accountancy profession
Tech performing routine work
E.g. transaction processing, assurance, auditing
Management information sysetms (MIS)
Systems to produce information allowing managers to make effective decisions
Some types of MISs
Executive information systems (EIS)
/executive support systems (ESS)
Decision support systems (DSS)
Expert systems (ES)
Knowledge work systems (KWS)
Office automation systems (OAS)
EISs/ESSs
Database that pools data
from internal and external sources
providing easy to use information to senior managers
DSS
Combines
Data models
Analytical models/data analysis tools
To support decision making
ES
Expert knowledge and information
Database holding specialised data and rules about
What to do in/how to interpret
A given set of circumstances
KWS
Facilitate creation and integration of new knowledge into an organisation.
OAS
Systems that improve the productivity of data and information workers
Risks of technology
- Obsolescence
- Inexplicability
- Data protection
- Automation
- Ethical
Data protection risk
Legislation
Automation risk
Training of staff to be able to work in and automated environment
Ethical technology risks
Who is at fault if a computer makes a mistake?
Can machines ‘think’ ethically?
Cyber risk definition
Risk of financial loss
Business disruption
Reputation damage
Consequence of accident and poor systems integrity
Cyber risks examples
- Hacking
- Phishing
- Malicious software
- Distributed denial of service attacks
Hacking
Using specialist software
To gain unauthorised access to systems
Phishing
Bogus emails
That ask for personal/security info
Malicious software
E.g file hijacker/ransomeware
User’s files are hijacker’s and held to random
DDoS
Distributed denial of service attacks
Websites and online services overwhelmed with large amounts of internet traffic that is designed to crash the system
Cyber resilience
Ability of organisation
To ensure its data and information is
Reliable
Available
Has integrity
Adequately protected
Cyber security measures
Back-ups
Information security plans
Back ups
Ensure:
1. Business can continue
2. Critical data is recovered
Information security plan key areas
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
