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Cyber-Crime

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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 IT 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
Internal corporate fraudsters establishing inappropriate processes in order to obtain vital information.

Each of these events caused the financial statements of these corporations to change in multiple ways, providing evidence that fraudulent activities had occurred.

What methods (or process) should these corporations establish in order to identify potential concerns using their own financial statements? Please cite examples of corporations that have taken additional steps.

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https://brainmass.com/business/accounting/cyber-crime-610750

Solution Preview

The response addresses the query posted in 515 words with APA references

//Security of the information system has been a major issue for all the organizations in the present era of advancement of cyber crimes. In this context, the following discussion explores the methods and procedures that can be employed by the organizations so as to identify the potential concerns with respect to the security of information system.//

The organizations should first assess the current state of the information system and group the vulnerabilities. The grouping of vulnerabilities means identifying the weaknesses in the information system of the organization. By doing this, the organization will be able to locate the areas, which can be exploited by the intruders for the purposes of getting access and stealing the confidential information (Vacca, 2009). The primary methods and procedures, which the ...

Solution Summary

The financial statements of cyber-crimes are determined. The response addresses the query posted in 515 words with APA references.

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