Understanding IT security and its impact to organizations Research Paper

Understanding IT security and its impact to organizations - Research Paper Example This research aims to evaluate and present Information Technology Security before the onset of mandatory regulatory compliance is considered a feature that is nice to have amongst companies. One of the primary considerations of the luck luster implementation of Information Technology Security is the cost associated in setting up even the most basic IT security configuration, the cost of ownership including its maintenance and management. However, the growing sophistication of crimes related to information obtained from records stored in computers or Information Technology Infrastructure in general elicited a second look from stakeholders. Crimes such as identity theft and the funneling of large amount of money from one account to another have made Information Technology Security not only a cause of concern but rather the primary focus of congressional inquiries. The staggering amount of money involved may have caused the collapse of some companies if not the IT security threat have b ecome the catalyst that started its demise. The cost of building the records of the company after a viral attack that deleted its entire archive is nothing compared to the losses that could set in if historical records of payments are not properly reconstructed. The cost of actual damages to clients that have become victims of identity theft because of negligent practices of safe keeping of records of a company’s clientele may include civil liabilities that can ran up to hundreds of millions and billions of dollars if put together. Information Technology Security Systems has been considered at the onset as a means to catch people with nefarious intent after they have committed the felonious act. It should be noted that the crime has already been committed in this instance. However, an in-depth study of this discipline with the implementation of a good Information Security Management System can be used to catch on the act, discourage and prevent Information Technology related crimes. The implementation of established frameworks of Information Security Management Systems combined with technology can be considered as a potent means of protecting organizations against white collar criminals. The potency or effectiveness of these Information Security Management System frameworks was even recognized by the United States Congress as a testament to its effectiveness. The frameworks have considered the employment of human assets, technology and organizational framework through the implementation of policies and procedu res to fight any attempts to circumvent the

Managerial AccountinG Assignment Example | Topics and Well Written Essays - 250 words

Managerial AccountinG - Assignment Example As an accountant I do not need to take action myself and confront my friend, thus I will leave it to the management to deal with its employee and resolve the issue. However, as loyalty note on my part I will disclose all the information to the higher management even thou this is done by my dear friend because it is all about being ethical in the business. Managerial versus Financial Accounting My friend who is nowadays interested in finance and accounting came to me to understand the difference between financial and managerial accounting. I started off by giving out the definitions to my friend. Managerial accounting, also known as cost accounting, deals with the internal reporting in an organization. It involves reports on daily or weekly basis that helps managers to make financial decisions. It is the identifying, interpreting and then exhibiting information to the managers. There is no legal binding for producing internal reports but firms do this in order to show a numeric pictur e of goals and objectives. â€Å"The focus of managerial accounting is on the needs of managers within the organization.† (Hilton et al 2008) These reports are a futuristic look and include budgets and forecasting analysis. On the other hand, financial accounting is the collection of financial data to formulate financial statements.