Accounting in Context: Data Risk, Technology and Business Accounting

This essay, titled "Accounting in Context: Impact of Data Risk and Technology on Business and Accounting," examines the transformative effects of digital technologies on the accounting profession and the associated risks. It highlights the shift towards online systems, the increasing demand for transparency, and the importance of cybersecurity in the financial services sector. The essay discusses how technological advancements, from adding machines to computers, have reshaped accounting practices, creating opportunities for increased efficiency through online transactions and simultaneous audits. It also acknowledges the challenges posed by cybercrimes and emphasizes the need for accountants to adapt to new tools and potential threats to online systems. The author, an accounting graduate, expresses confidence in leveraging their knowledge to address these challenges and improve organizational processes. The essay references sources on cybersecurity and the future of blockchain, underscoring the importance of staying informed about emerging trends and risks in the field.

Accounting in Context 1
Accounting in Context
by [Your Name]
Course
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Date

Accounting in Context 2
Accounting in Context
Impact of Data Risk and Technology on Business and Accounting
In today’s business world, a number of companies financial services are moving towards
the era of digitization. This has seen a number of institutions look for ways of operation which
are under lower costs and that work through online ordering and payment systems to provide
services in the retail business that cater and meet the demands for security and technology
mobility. Since the new technology was rolled out in the recent past, there have been increasing
demand for transparency and efficiency from a number of institutional counterparts in both the
government and private sectors pertaining to regulation of financial services, technology
processes and security of data ("Cybersecurity", 2018, np.).
As an accountant graduate who have learnt about the impact of data risk and technology
on business accounting, I think I will make use of all possible ways to exploit all the emerging
issues in the world of ever-changing technology so as to remain well conversant with security
issues and hence help the organization I will be working for to complete tasks presented to me,
more quickly, simply and accurately. Despite the fact that there have been myriad technologies
when it comes to the world of business and the accountancy profession which has seen an
increasing trend for the many changes that have reshaped accountability and cybersecurity issues
in Australia, I am optimistic that trough my acquired knowledge, I will be able to tackle all the
challenges that will present in the process of executing my responsibilities ("The Future of
Blockchain", 2018, np.). Since the introduction of the adding machines in the 19th century and
the consequent invention of the use of the computers in the 20th organizations have implemented
different cybersecurity strategies.

Accounting in Context 3
In regard to the way in which technologies have presented a challenge to the accounting
profession, I feel that there are more opportunities for accountants to execute their roles more
efficiently and effectively. For instance, unlike before where things were done manually, today
transactions can be done online, likewise to audits which can be carried out simultaneously.
Audit professionals will, therefore, experience fewer difficulties in auditing technology
sophisticated financial products ("Cybersecurity and privacy", 2018 np.). On the other hand,
since there many threats that can be presented by cybercrimes to the accounting practice, it
would be important as an accounting profession to constantly learn the ways of adapting to new
and routine tools of improving the existing technology as a way of enhancing the efficiency of
processes (Lehto, 2013, pp 10).
In terms of securing technology opportunities when they present in the accounting
practice, the emerging issues will help me to learn more about the clients current and potential
threats to their online systems. This will ultimately change the services I will offer and hence
improve the accounting reports for the organisation since all the options will be thoroughly
evaluated to secure the organisation's financial data and hence adapt to new technologies
successfully.

Accounting in Context 4
References
Cybersecurity. (2018). Department of Homeland Security. Retrieved 1 May 2018, from
https://www.dhs.gov/topic/cybersecurity
Cybersecurity and privacy. (2018). PwC. Retrieved 1 May 2018, from
https://www.pwc.com/us/en/cybersecurity.html
Lehto, M. (2013). The Cyberspace Threats and Cyber Security Objectives in the Cyber Security
Strategies. International Journal Of Cyber Warfare And Terrorism, 3(3), 1-18.
http://dx.doi.org/10.4018/ijcwt.2013070101
The Future of Blockchain. (2018). CAANZ. Retrieved 1 May 2018, from
https://www.charteredaccountantsanz.com/news-and-analysis/insights/future-inc/the-
future-of-blockchain