Consumer Reports projects that U.S. consumers lost more than $7 billion to viruses, spyware and phishing schemes over the last two years. Source: Consumer Reports’ 2007 State of the Net survey, www.consumerreports.org/security.
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TOPICS / TECHNOLOGY
Information security & privacy
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» Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions that users should type into
Gauging Security ROI
The InformationWeek /Accenture Global Information Security survey asked more than 1,100 business technology professionals, “How does your company measure the value of your security investments?” Fewer worker hours spent on security-related issues—43% Better protection of customer records—35% Decline in breaches—33% Decline in amount of network downtime—33% Improved protection of intellectual
Computer Forensics: An Essential Guide for Accountants, Lawyers, and Managers
by Michael Sheetz, J.D. John Wiley & Sons Inc., 2007, 152 pp. For novices and experts alike, Michael Sheetz traces the evolution of computer forensics from computer crime investigators, who focused on securing a system, into entities dedicated to the preservation and recovery of digital evidence for admissibility and use
Keeping Secrets
You may be able to keep a secret, but how confident are you that your computer is up to the task? As a CPA, you’re entrusted with loads of confidential information, and your professional reputation depends on your discretion. But your computer may be vulnerable to someone
Financial Services
The privacy notices must describe an institution’s information-sharing practices and the consumer’s right to opt out of certain types of information sharing. The notices must be provided when a consumer first becomes a customer of a financial institution and annually for as long as the customer relationship lasts. The NPR
Banks Push Tech Initiatives
According to Grant Thornton’s 14th Annual Survey of Bank Executives, more than seven in 10 bankers (73%) plan to increase technology spending in 2007. Respondents cited several technology issues as important to their banks’ success, including: Protecting customers’ information (96%). Assuring the security of Internet services (94%). Verifying systems operations
Help Prevent Identity Theft
Most companies keep sensitive personal information in their files and in their computers—names, Social Security numbers, account data—that identifies customers or employees. Companies need information like that to fill orders, meet payroll or perform other necessary business functions. But if sensitive data falls into the wrong hands,
Collaborative Fraud Networks on the Rise
Cyber criminals must adapt their collection methods to remain undetected, and it seems they’re linking together to make this happen. The latest Symantec Internet Security Threat Report found the underground networks and servers used to sell stolen data are becoming increasingly collaborative. During the last half of 2006, the number
Report Says IRS Fails to Protect Sensitive Data
The agency tasked with processing more than 220 million tax returns annually is not doing an adequate job of protecting the sensitive personal financial information of the taxpayers submitting those forms, according to a report from the Treasury Inspector General for Tax Administration (TIGTA). TIGTA said IRS employees reported the
Highlights
FASB issued a standard that gives companies the option to report selected financial assets and liabilities at fair value. Statement of Financial Accounting Standards no. 159, The Fair Value Option for Financial Assets and Financial Liabilities, is designed to reduce complexity in accounting for financial instruments and
Spyware Protection
Embedded stealthily on the hard drives of many computers—even those protected with conventional antivirus software—are tiny unfriendly programs variously called spyware, malware or adware. Most are simply nuisances, triggering unsolicited pop-up advertisements or surreptitiously changing your default Web page so you’ll visit specific commercial sites. But others
Surf Safely
The Internet is a gold mine of information, but it’s also a minefield, loaded with scores of innocent-looking sites that contain stealthy programs designed to steal or destroy your data. But if you take proper precautions, you can browse the Web with relative safety. In our illustration
Privacy
The AICPA’s board of directors approved a document that replaces the initial Privacy Framework developed by the AICPA and the Canadian Institute of Chartered Accountants (CICA). The new guidance, “Generally Accepted Privacy Principles (GAPP),” is based on the premise that good privacy practices are essential to effective corporate governance and
Technology
The AICPA issued its annual ranking of the 10 technologies most likely to significantly affect practitioners, their clients and their employers in the coming year ( http://infotech.aicpa.org/resources/top++10+technologies/ ). For the first time, the AICPA invited members of ISACA to join the AICPA Information Technology (IT) section members and Certified Information
Government Accounting
The Governmental Accounting Standards Board (GASB) issued Accounting and Financial Reporting for Pollution Remediation Obligations, an exposure draft (ED) that specifies five circumstances—any of which would require a government to estimate its obligations to address the current or potential detrimental effects of existing pollution ( www.gasb.org/exp/exdfpg.html ). The ED also
Auditing
For news from the AICPA and state societies, visit www.cpa2biz.com , which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites. The SEC approved on February 6, 2006, the Public Company Accounting Oversight Board’s (PCAOB) Auditing Standard no. 4 ( www.sec.gov/news/digest/dig020706.txt ;
FYI
A semiannual AICPA survey of CPAs serving as senior corporate executives revealed they have a mostly favorable outlook for the U.S. economy in 2006 ( http://fmcenter.aicpa.org/NR/rdonlyres/ ). Sixty percent of respondents believed that the economy will continue to improve, and 74% of them had high hopes for their own organization’s
International
The International Accounting Standards Board (IASB) published an ED to amend International Financial Reporting Standard (IFRS) 2, Share-based Payment ( www.iasb.org ) by stipulating that the vesting conditions an individual or organization must satisfy to receive shares concern only specified periods of service or required performance targets. It also requires
Privacy
The IRS issued proposed regulations on the disclosure and use of tax-return information by return preparers. While a related IRS press release describes how the regulations will affect the offshoring of tax returns or tax-return information, they have broader implications for tax practitioners. Generally, the regulations revise the manner and
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