1)The Finance department of a large company have found that certain confidential information seems to have found its way into the hands of its competitors. Hearsay evidence suggests that this has happened due to lax computer security within the finance department itself. Discuss what aspects of their computer activities might they investigate and for each aspect provide two control mechanisms that must be implemented

 

2)Some of the recent developments that have had major implications in the application of Information Technology and information systems are cloud computing, e-commerce and open systems.

 

i. Define the three underlined terms and discuss the impact of each in financial sector

ii. Initially adoption of cloud computing had been slow...." Discuss three key issues that might have contributed to this trend

 

3)Druker has suggested that the belief that computers reduce human resource costs has been proven wrong. Discuss

 

Information Technology services should be run as a business and managed as a profit center, using an appropriate charge back technique

I have answered all the questions correctly in the explanation section. However the third question is not clear so i left it out. The third question as others have commented requires more clarification please.

Step-by-step explanation

Question:

1. The Finance department of a large company has found that certain confidential information seems to have found its way into its competitors' hands. Hearsay evidence suggests that this has happened due to lax computer security within the finance department itself. Discuss what aspects of their computer activities might they investigate and for each aspect provide two control mechanisms that must be implemented

The following are the aspects that need to be investigated in the finance department to identify the ways used to steal information:

a)     Insider threats: the employees in the department might have taken the information and handed it over to the competitors. The competitors might have also collaborated with some malicious workers to get the data from the finance department. This aspect can be controlled by implementing strict password policies and practices. The other control that can be applied in enhancing physical security in the finance department. 

b)     Phishing attacks: the employees might have clicked or opened malicious emails or links that might have stolen essential information such as passwords, credit card information of even user names. Anti-Phishing software can be deployed in the finance department to control these attacks. The other measure that can be taken against phishing threats is providing the employees with basic cybersecurity training. This training helps them understand the links they should avoid to open and the emails they should not dare open.

c)     Spyware attacks: these are software that could have been deployed in the finance department's systems to steal sensitive information without the employees' knowledge. Intrusion detection systems, as well as anti-spyware software, can be used to control these threats. 

2. Some of the recent developments that have had significant implications in the application of Information Technology and information systems are cloud computing, e-commerce, and open systems.

1. Define the three underlined terms and discuss the impact of each in the financial sector

Cloud Computing: This is a term that refers to the on-demand availability of computer system resources to users. The data in the computer systems is stored in the cloud to allow the users to access it from the internet anytime they need it. Cloud computing is beneficial in the financial sector in providing more control over security issues, reduce redundancy, and increase the storage capacity of the financial information. 

e-Commerce: this term means that business transactions such as buying, selling, and making payments can be carried out through the internet. E-commerce is used to reduce marketing and advertisement costs, reduce paperwork and phone expenditure, and increase productivity in financial institutions. 

Open Systems: these are systems that interact with the external environment regularly to exchange feedback with them. Open systems help problem-solving, effective leadership, enhance communication, and improve planning, among many other essential duties in the financial institutions (Scott & Davis, 2015). 

ii. Initially, the adoption of cloud computing had been slow...." Discuss three key issues that might have contributed to this trend

The following are the factors that might have led to the slow adoption of cloud computing:

1. Lack of resources: many businesses do not have enough resources required to pay for cloud computing services (Sandra, 2019). 
2. Lack of expertise: there are few people with enough skill to handle cloud computing in many enterprises (Sandra, 2019). 
3. Security concerns: many enterprises are afraid of the security concerns in cloud computing, such as hacking, data breaches, broken authentication, and many others. This has made many businesses afraid to embrace cloud computing technology (Sandra, 2019).