Paper Summary:

The paper discusses the growth of the Internet and the use of computer-based systems in business and warns that all businesses should be aware of the impact which this has on their practice. The paper highlights that risk management is important to ensure that the risks from their data storage and sharing procedures are minimized. The paper states that this is important in maintaining the integrity of the business and also ensuring that the safety of the customers is maintained. The paper confirms that there are various standards and practices which are in place to ensure that sufficient practices are maintained.

Outline:
Risk Management
COSO Report
SAS 78
Mutual Aid Pacts
Importance of Computer Information Standards
ISO Development
Computer Emergency Response Co-ordination Centre (CERT)
Cryptography, Identification and Firewalls
Electronic Payment Methods
Web-based Marketing Methods

From the Paper:

"Risk management is the process in which the potential risks to any information system are identified, measured and minimized. This is achieved by limiting the number of uncertain events which may occur in order to prevent harm occurring to the system. Risk management is an important component of internal control. Internal control is the process where the internal risks to a company are controlled. This includes ensuring that all relevant legislation is adhered to, that all financial information is adhered to and that operations are efficiently run. The COSO Report and SAS 78 are two important frameworks which ensure that internal control is maintained, each containing elements relating specifically to risk management."

Sample of Sources Used:

• Bravaco, R. and Simonson, S. (No date). "Data structures and discrete mathematics." Stonehill College. Retrieved on Novemeber 8, 2007, from: http://www.stonehill.edu/compsci/LC/Cryptography.html.
• Briggs, V.M. (1965). The mutual aid pact of the airline industry. Industrial and Labor Relations Review, 3-20.
• Burden, P. (No date). "The Telnet Protocol." Retrieved on November 7, 2007, from: http://www.scit.wlv.ac.uk/~jphb/comms/telnet.html.
• CardLogix Corp. (2004). "Smart Card Basics." Retrieved on November 7, 2007, from: http://www.smartcardbasics.com/overview.html.
• CERT. (2007). "Welcome to CERT." Software Engineering Institute. Retrieved on November 7, 2007, from: http://www.cert.org/.

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