Many financial companies are helping their IT department handle an increase in unstructured data by using flash technology. Such firms have adopted Big Data to handle rapid growth of unstructured data.
The 2013 North America Top Technology Initiatives Survey results have been released by the AICPA and CPA Canada, citing managing and retaining data as the top concern. However, slightly more than half of respondents think their clients' organizations -- or their own -- are addressing the top technology initiative. This blog post lists all 10 initiatives and identifies key risk and risk-management factors. Register for the webcast "2013 North America Top Technology Survey Analysis," scheduled 2 to 3:15 p.m. ET on July 16, for additional insight.
A survey by human resources company Towers Watson has found that while more companies are purchasing network-security and privacy-liability insurance with a larger limit, most firms still don't have any liability policy. Though 97% of financial-services companies have a program for errors and risk management, firms need to do a better job of integrating it into operations and decision making, says Larry Racioppo, vice president of the executive liability group at Towers Watson.
A controversial bill that would have offered immunity to Internet companies sharing user data with law enforcement has died in a Senate committee after the Obama administration threatened to veto it because of privacy concerns. Privacy issues also have come to the fore in a proposal to amend the Electronic Communications Privacy Act to require a warrant to access e-mail older than 180 days.
While cloud computing and mobile devices create great business opportunities for CPAs, these technological advances also offer opportunities for cybercriminals. Steve Ursillo Jr., CPA/CITP, CGMA, describes the cybersecurity climate and offers three ways to mitigate the risk of a breach. Ursillo will present on the issue June 10 at the 2013 Practitioners Symposium and Tech+ Conference, in partnership with the Association for Accounting Marketing Summit.
Even as the Cyber Information Sharing and Protection Act was laid to rest after President Barack Obama threatened to veto it because of privacy issues, senators are working to craft another piece of legislation. Jay Rockefeller, D-W.Va., head of the Senate Committee on Commerce, Science and Transportation, emphasizes the importance of privacy considerations for citizens, while Sen. Saxby Chambliss, R-Ga., ranking member on the Select Committee on Intelligence, says a new bill should provide "full liability protections" for companies sharing information with the government.