Week 2 - Governance Issues & Fraud

(Lane, 2014)

         
Week 2 - Governance Issues & Fraud

Governance does not protect an organisation against corruption, fraud and bribery, there are many factors that attribute to this. COBIT 5 is an IT management toolset by ISACA, providing a business view of IT governance, ensuring control over information and meeting audience  requirements. Governance evaluates stakeholder needs and sets direction. Management plans, builds, runs, and monitors activities aligned with governance to achieve objectives. Both are crucial for organizational effectiveness (NUSSBAUMER). COBIT 5 works through addressing the 5 principles, meeting stakeholder needs, covering the enterprise end-to-end, applying a single integrated framework, enabling a holistic approach, separating governance from management (BERNARD, 2012). 

(Group, 2022)


In recent times we’ve seen cyber-attacks on a large scale, these being targeted at Optus, Medibank, Telstra and more just in the last year. I read a report about when Optus failed to secure customer data online due to using an API that didn’t require authorization to access information. The ‘cybercriminal’ leaked the data after not receiving a requested ransom amount (Admin, 2023). The COBIT 5 framework, if applied to a company, will work on decreasing any losses and create a more secure network to protect itself from ‘cybercriminals’. The holistic approach of COBIT 5 will work to protect all components and resources, this through identifying potential risks, these risks on occasion coming internally (NUSSBAUMER). 

As a junior accountant/operations specialist at a logistics firm I’ve seen attempted hackings and robberies. Being a small firm, this isn’t a regular occurrence but in the case of large companies it’s clear that it’s key to have a good IT Governance process in place.



Word Count - 263

References:

Admin, P. (2023). Biggest Cyber-Attacks In Australia In 2022. Brisbane: POWERNET.

BERNARD, P. (2012). COBIT 5 – A Management Guide. North Brabant: VAN HAREN PUBLISHING.

NUSSBAUMER, G. (n.d.). COBIT 5 - UNDERSTAND THE FRAMEWORK. WIEN: GRASER CONSULTING.

Lane, M. (2014). COBIT 5 - An Introduction. London: orbus software.

Group, A. B. (2022). Identifying and mitigating cyber security risks in your business. Norwich: ALAN BOSWELL GROUP.





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