New technology and data security - Lesson 9

Question 1

Automation of accounting processes

Answer 1

Using the software to automatically reconcile the bank, and to streamline the process.

Question 2

Benefits of automating the accounting processes:

Answer 2

Better data integrity because human error chance is reduced.
More time efficient
Faster payment for customers.

Question 3

4 types of data analytics

Answer 3

Descriptive, predictive, prescriptive, diagnostic

Question 4

Outsourcing

Answer 4

Using a third party for things such as legal services, cleaning, catering

Question 5

Benefits of Outsourcing

Answer 5

Lower payroll costs, learn from the person/business being outsourced

Question 6

Offshoring

Answer 6

Re-locating some of a business’ operations to another country- e.g developed countries will re-locate say the manufacturing to less-developed countries to reduce cost.

Question 6

Disadvantages of outsourcing

Answer 6

Lower quality potentially, data security

Question 7

Principles of Data Protection (DPA 2018)

Answer 7

lawfulness, purpose limitation, data minimisation, accuracy, accountability, objectivity/objectivity.

Question 8

Type of data analytics to produce monthly reports comparing budgets and actual

Answer 8

Descriptive

Question 9

Max fine for breaches of uk person’s personal data

Answer 9

£17.5mil or 4% of annual turnover

Question 10

3 measures to reduce risk of cyber attacks

Answer 10

Firewalls, data encryption, anti-virus software.

Question 11

Definition of a blockchain

Answer 11

A technology that allows people who do not know each other to trust a
shared record of events