Artificial Intelligence in Accounting: Privacy and Security Issues

This report delves into the application of artificial intelligence (AI) within the accounting sector, examining its potential to enhance financial operations and organizational performance. It explores the motivations behind AI adoption, highlighting its benefits in automation, accuracy, and cost reduction. The report investigates the security and privacy implications of AI, focusing on cyber-attacks, human errors, software vulnerabilities, and other threats. It identifies various cyber-attack types, including human error, trespass, software attacks, spyware, social engineering, and ransomware. Furthermore, the report outlines methods to mitigate these risks, such as employee training, anti-phishing techniques, encryption, and backup plans. The report concludes by evaluating the pros and cons of AI in accounting, emphasizing the need for robust risk management strategies to ensure data privacy and security. This report is ideal for students seeking comprehensive information on AI in accounting and related security concerns. The report provides valuable insights into current accounting practices and technological advancements. The report also discusses the ways to curb the problems associated with AI.