Financial Assurance Program For Incidents
Induced By Internet-based Attacks In The
Financial Services Industry
Author(s)
B. G. Raggad
Abstract
This paper furnishes an analytical model for the generation of a risk-driven
financial assurance program capable of preventing, detecting, and responding to
financial incidents (FAPG) for a general support system. Risk is defined in the
paper as a basic belief assignment. The study reviews a single general support
system with a known basic risk, integrating ids evidence and meta-evidence
obtained from security management, in order to estimate the current system
security risk position. The study shows the functioning of the FAPG, by
generating a risk-driven financial assurance program, for a relatively small
general support system in a firm in the financial services industry. This study is
focused on financial incidents induced by Internet-based attacks but introduces a
framework for further research.
Keywords: financial assurance, Internet, risk, security, World Wide Web.
1 Background
The story of financial fraud that affects consumers and firms is abundant in the
literature. Forensic audits in general continue to indicate earnings overstated by
millions if not billions of dollars in the United States. There is no doubt that
corporate fraud in the United States has affected market values of firms, public
pension funds, and consumer savings plans. Firms globally however continue to
engage in a diversity of illegal and non-ethical accounting schemes.
Effectiveness and timeliness of auditors in identifying fraud are of concern to
industry internationally. It is important to discern what a firm can do if auditors
fail to detect fraud. Is a computer information system capable of examining
financial statements and detecting financial fraud? Efforts from investors and
Keywords
financial assurance, Internet, risk, security, World Wide Web.
Related Book
Other papers in this volume
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