Question

In today’s technology environment, hackers present a substantial risk to a firm’s accounting or business system. As the result of these attacks, firms suffer huge losses, ranging from financial losses to losses in confidence by consumers, creditors, and suppliers. Firms may have made a significant investment in financial and non-financial resources to secure these systems.

Create an argument for additional regulation as a preventative measure against businesses being hacked. Provide support for your argument.

Answer 1

ANSWER:

Information technology and communications underpins the operations of firms, ties together far-flung supply chains, and, increasingly, links businesses to the customers they serve. Information technology has provided all sorts of individual economic actors the improved valuable tools for identification and pursuing of business and economic opportunities. Utilization of information technology resources permits the companies to maintain a competitive advantage over their rivals. Information technology resources can significantly decline accounting costs. Technology raised the productivity with the same levels of labor, therefore accelerating growth and development of new economics and globalisation.

On the downside, technology has replaced most of the job positions which humans used to occupy. Few people use technology, such as apps, digital photos, videos, and social media for harassing people. There is a risk that losing the data to wrong minded knowledge works, hackers or viruses, can result harming the business. Hacking can occur in several forms, from password cracking and Trojan viruses to social engineering where the network administrator can be compromised. Though it is difficult to completely safeguard business system from expert hacking teams, however security measures implementation can significantly reduce the possibility of a system being hacked into. There are numerous measures that can be done at the network administrator level to improve the security. It include configuring the firewall to deter safe passage for likely intruders; the use of SSH (secure shell) or VPN (virtual private network) keys for procedures of authentication; using smart cards and other advanced technologies; and patching all systems. A business may also opt to follow hacker forums. Moreover, information security departments to oversee all activities related to securing business data and networks.