Review of strategic alignment: Accounting and cybersecurity for data confidentiality and financial security
1 Department of Treasury and Finance (Super SA), South Australian Government. Australia.
2 Independent Researcher, Abuja Nigeria.
3 Department of Finance, Hult International Business School, Boston MA.
4 Focal Point Associates and Company, Lagos, Nigeria.
5 Nigeria Deposit Insurance Corporation, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2023, 20(03), 1743–1756
Publication history:
Received on 23 November 2023; revised on 27 December 2023; accepted on 30 December 2023
Abstract:
In the contemporary landscape of rapidly evolving technological advancements and the increasing prevalence of cyber threats, organizations face a critical imperative to align their accounting practices with robust cybersecurity measures. This review explores the symbiotic relationship between accounting and cybersecurity in safeguarding data confidentiality and ensuring financial security. Focusing on the intersection of these two domains, we examine the strategic alignment required to fortify organizations against the escalating challenges posed by cyber threats to sensitive financial information. The review begins by delving into the intricate connection between accounting processes and the protection of financial data, emphasizing the pivotal role of accurate financial reporting and transparent disclosure in maintaining stakeholder trust. Subsequently, it scrutinizes the evolving threat landscape, identifying cyber risks that specifically target financial systems and data. The analysis underscores the need for a comprehensive strategic approach that integrates accounting practices with cybersecurity protocols to effectively mitigate these risks. Furthermore, the review investigates the contemporary tools and technologies that facilitate the integration of accounting and cybersecurity, enhancing organizations' ability to detect, prevent, and respond to cyber threats. It explores the adoption of advanced encryption methods, intrusion detection systems, and artificial intelligence-driven analytics to bolster data confidentiality and financial security. In examining case studies and best practices, this review highlights successful instances of organizations aligning accounting and cybersecurity strategies to achieve a cohesive defense against financial cyber threats. Lessons learned from these cases offer valuable insights for practitioners and decision-makers seeking to implement effective measures within their own organizational contexts. Ultimately, this review contributes to the evolving discourse on strategic alignment by emphasizing the imperative of synergizing accounting practices with cybersecurity initiatives. As organizations navigate an increasingly complex and interconnected business environment, a holistic approach that unifies financial integrity and cyber resilience becomes paramount for ensuring sustained success and safeguarding against the multifaceted challenges of the digital age.
Keywords:
Accounting; Cyber security; Financial security; AI; Data analytics
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Copyright information:
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0