“In 2019 alone, an estimated $4.26 billion in cryptocurrencies was lost due to hacks, cybertheft, scams, misappropriation or insider fraud, up about 250% from 2018.” Fraudsters have upped efforts to attack cryptocurrencies in recent years.
Fraudsters are using schemes such as: embezzlement, Ponzi schemes, phishing and ransomware.
Unlike other frauds, if a person loses cryptocurrency, there is no recourse or way to recover it.
Deloitte released its 11th annual report on Tech Trends in the accounting field. Note: this report was written before the COVID 19 pandemic, so it will be interesting to see how that may change things in the 2021 report.
Some of the trends highlighted in the report include:
Macro Technology Forces – firms need to find value and bring the recent technologies together
Ethical Technology and Trust – use the new technologies in an ethical manner while building trust with all stakeholders
Finance and the Future of IT – using technology to become more agile within the organization
Digital Twins – bridge the physical and the digital operations to help the other
Benard Marr has released a new book on Tech Trends in Industry. This is a supplement to his previous books on technical practices in industry. His books have great practical examples of how various companies are using technology for practical solutions:
If you are an IMA member, there are several courses and educational opportunities available related to AIS as well as several others. If you are a student, you can become a member for $35 and take advantage of these opportunities. The following AIS-related resources are available to members, some for only a limited time
Data Analytics and Visualization Fundamentals Certificate (9 CPE)
Blockchain 101 (1 CPE)
Technology Webinars on Demand (8 CPE)
Technology II Webinars on Demand (6 CPE)
Excel 365: Tips in 10
Count Me In Podcasts — many technology topics here
Other available courses for members:
IMA Strategy and Competitive Analysis Learning Series – prep for CSCA exam
A crisis, such as the one we are in now due to COVID-10, is a time when cybercriminals thrive. A recent article in the Journal of Accountancy provides some reminders of tips your orgainization should take to strengthen your data security. Check out the article below:
Thanks to a former student, I have been trying new Digital Fitness app from PWC. During the pandemic, they are making it free for anyone wanting to better understand the changing technologies and other issues in business.
Once you setup an account, the app guides you through a quiz to determine your digital aptitude. Then based on your score it puts you on a Fitness plan. You improve your score by reading short article or watching videos on various topics from environmental impacts, basics of the blockchain and project management. The articles I have read have been quite informative and interesting.
The amount of streaming data as well as the large data storage centers are having an negative impact on the environment. Some experts believe the data technology industry rivals the airline industry on the environmental impact.
With the number of new devices collecting data, the demands for electricity are set to increase significantly.
Tech companies are looking at how to curb the power usage from massive data centers. These centers not only expend large amounts of energy powering the data centers, but they also need significant air conditioning to cool the machines.
The algorithm made me do it shows one of the primary reasons explainable artificial intelligence will be needed in the future. Many AI solutions seem to be a black box which few, if any, individuals can explain the particular output.
This Harvard Business Review article highlights why the black box approach to AI in the future won’t be feasible. The author notes that the “The algorithm told me to do it” defense won’t likely stand up in court.
Juice jacking is ability for cybercriminals to replace legitimate, public USB chargers with devices that have the capability to download data from your phones. Just this month, the Los Angeles District Attorney’s Office warned travelers of the potential dangers of using USB charging ports in public places.
However, when asked, the DA’s office said they have had no official reports of Juice-jacking taking place in the area. In short, many believe this cyberattack is feasible, but not widespread.
My advice is to use either power packs or plug into an electrical outlet if at all possible. Even though this isn’t widespread to date, caution should still be exercised.