Cyber risk insurance is becoming an increasingly important aspect of a company’s cybersecurity posture. Just as an incident response plan can mitigate the potential negative effects on company reputation and customer relationships, cyber risk insurance can offer financial protection for a vast range of hard costs that today’s companies may incur in the event of a cyber breach.
For any executive who pursued a traditional path into the finance organization—business school, perhaps an accounting degree or an MBA in finance—the incessant media chatter about how machine learning will transform your business must be a little disconcerting. Most finance executives have little to no experience with the subject. And while many now have an idea of what machine learning is, few have a concrete understanding of how or where they can implement it.
In 2018, the SEC issued new guidance on cybersecurity disclosures and policies, in response to the 65% of companies that were not disclosing breaches.
What does this mean for lawyers and the legal field?
Recently, in connection with the Securities and Exchange Commission’s consideration of proposed amendments to the definition of “smaller reporting company,” the Commission had an opportunity to consider including in the adopting release an exemption from the Section 404(b) auditor attestation.
If you asked corporate directors to rank their favorite board duties, overseeing compliance likely isn’t at the top of the list. Regardless, compliance is central to a board member’s fiduciary duties–and as we’ve seen many times before, failure to oversee compliance effectively can have costly implications for a company.
Cryptocurrency is here to stay and executives must be smart about the risks posed and manage accordingly.
This article looks at 6 risk management methods in which the high inherent risks of cryptocurrency can be reduced and thus install more confidence and trust in the currency transactions. The methods are wide ranging and, if applied in total, could confirm the acceptance and spread of cryptocurrency, a currency for the 21st century.
The International Auditing and Assurance Standards Board (IAASB) has moved to update its standard on audit risk assessments, to take into account developments arising from IT.
In an exposure draft for the proposed International Standard of Auditing 315 (revised) (ISA-315), the IAASB said that as IT has become the medium through which a significant amount of audit evidence is obtained, it has become increasingly important for auditors to understand an entity’s IT system, including how the integrity of the information is maintained.
Understand the risks associated with cryptocurrency, both from a currency and a business perspective.
A defining feature of a cryptocurrency, is that is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. In order to understand the risks of cryptocurrency, one must first understand the features of the platform (Blockchain) on which the cryptocurrency is based. Blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
The Financial Executives Research Foundation (FERF) surveyed nearly 200 senior-level financial executives about automating Internal Controls Over Financial Reporting (IFCR).
Big Companies Plan to Automate ICFR While Smaller Companies On The Technology Sidelines.
While I haven’t been an accountant for as long as some seasoned financial professionals, I have been in the game for long enough to see trends come and go. I have witnessed the tail end of the subprime mortgage crisis and have heard stories from veterans about the dot-com bubble in the late 90s. One thing that has remained the same throughout all these experiences, based on my experiences and the experiences of my peers, is the core value of all these assets. Whether it’s a web domain, a property, a rare earth mineral or a fossil fuel, all forms of capital that I have worked with track their gains and losses based on a dollar value.