Sometimes the highest and best value that CPAs can provide to their clients and employers is to prevent problems from occurring or to recognize events that could have a negative impact. Accountants do not have to be information technology experts to help organizations recognize the risks from criminal uses of cyber tools, and probably understand better than anyone else the huge financial costs of technology risks. As an example, based on reports from multiple sources, the Equifax breach could cost the company up to $700 million (“Equifax to Pay up to $700 Million Over Data Breach,” The Trusted Professional, http://bit.ly/31cLvNe) in settlements from the 2017 disaster that released private information of more than 140 million Americans.
Technology risk requires daily attention, and this month’s column presents three resources with interesting information, tools, and tips to help equip CPAs to recognize potential problems.
World Economic Forum http://reports.weforum.org/global-risks-2018/WEF: Global Risks Report
The World Economic Forum (WEF) has issued a “Global Risks Report” for many years to identify and analyze a large number of risks, which are categorized as…
