Information Technology

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Information Technology

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Introduction

• Technology has paved way for reforms in different
  sectors.
• Industrial development is one of the results.
• This is crucial in accounts presentation and
  financial control areas.
• Let us look at two vital Acts that are as a
  result of technological advancement.
• These are in the communication industry

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The Federal Information Security Management Act
(FISMA)

• It is a US legislation.
• It offers a clear data security definition.
• It also offers a framework to protect American
  data.
• FISMA also protect operations physical assets
  from any impositions.
• These may occur from natural or fabricated
  threats.

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• US signed the bill in 2002-Electronic Government
  Act
• The law also gave power to different stage
  agencies.
• They were to ensure Federal Government data is
  safe.
• State agencies were to carry out annual review of
  information.
• This was through the officials on security
  programs.
• The main aim was keeping risks low.
• Mitigating them was to be at a lower cost.

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• Response to information security details had to
  be timely, easy and efficient .
• Use of technology is dissemination was vital
  here.
• Storage of information at a lower cost was
  needed.
• This led to the initiation of FISMA.
• Data stored in computers is still under the state
  agencies control.
• This ensured different materials would be the
  property of the US government.

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The Federal Information Security Management Act
(FSMA)

• Was approved by the 106th States Congress.
• US officials also signed the agreement in
  Nov,1999.
• Was aimed at repealing parts of the
  Glass-Steagall Act.
• They were Act (GSA) of 1993 (Jentzsch, 2006).
• GSA also prohibited financial institutions from
  offering services like
• offering insurance
• commercial banking and
• investment opportunities or services.

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• High competition was generated among financial
  firms
• The act let to merging of commercial financial
  institutions and investment companies.
• This created financial service industry.
• Information technology was enhanced.
• Individual investors carried out their intra and
  interbank money transfer services efficiently.
• This was at a lower cost than before.
• Communication connection between financial
  institutions and commercial banks was enhanced.

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• This was a major force to the government of the
  US.
• The government had to create a platform for
  consolidation.
• This was between other financial organizations
  and banks.

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