ACT 510 CSU Accounting Identifying Cybercrimes Concerns Discussion

Question Description

I’m working on a accounting discussion question and need an explanation and answer to help me learn.

Recent news stories have clearly established that there are increasing instances of cyber-crime that are plaguing major corporations and financial institutions. These crimes have taken many forms, such as:

External parties infiltrating corporate Information Technology systems to steal customer information;
Unauthorized parties stealing and using patents and other protected information;
Corporate management falsifying documents and altering internal systems to steal funds from both corporations and customers; and
Internal corporate fraudsters establishing inappropriate processes to obtain vital information.

Each of these events caused the financial statements of the affected corporations to change in multiple ways, providing evidence that fraudulent activities may have occurred. What methods (or processes) should these corporations establish to identify potential cyber-crime concerns? Cite examples of corporations that have taken additional steps and describe such steps.

Explanation & Answer:
300 Words

Tags:
Financial Institutions

corporate management

information technology systems

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