A trial balance is a list of debits and credit items (assets/liabilities/income/expenses) extracted from the closing balance in each account of the general ledger. This type of report is generated in a double-entry account format before the finalization of the balance sheet on a certain date, usually at the end of an accounting period. There…
IS security or information security refers to the protection of information systems against unauthorized access to or modification of information, whether in storage, processing, or transit, and against the denial of service to authorized users, that includes those measures necessary to detect, document, and counter such threats? It protects information, processes, and communication and protects…
Evaluation requirement for IT Security refers to the procedure of conducting regular reviews and checks of IT systems to ensure compliance with organizational security policies, standards, and procedures, as well as industry best practices. India has a few IT evaluation requirements, including Common Criteria (CC) Certification, Indian Common Criteria Certification Scheme (IC3S), IoT System Certification…
Computer audits, also known as IT audits, are important because they help organizations protect their information assets, ensure compliance with regulations, and improve the efficiency of their IT operations. The objective of computer control audits is to determine whether computer controls effectively support the confidentiality, integrity, and availability of information systems. Controls provide reasonable assurance…
A Security Mechanism for Risk Concern Areas in Computer Networks is a method or technology that protects data and systems from unauthorized access, attacks, and other threats. A cyber threat or cyber-security threat is a malicious act that generally hunts for damaging data, steals data or disrupts digital life. The perpetrators of these attacks are…
The banking sector has undergone an intense transformation in recent years, driven by rapid advancements in technology. The initial stages of the Advanced Ledger Posting Machine (ALPM), Total Branch Automation (TBA) was a technology development that existed before the Core Banking Solution (CBS). Digital transformation has fundamentally transformed the banking sector, reshaping how financial institutions…
Technological upgrading refers to the planned and focused improvement of existing technology and production methods through the integration of new technology, research, and development efforts. Technology upgrades have brought about many good improvements that have altered the way we connect and the environment, from cell phones to virtual reality to artificial intelligence. Technological upgrading appears…
New technology trends are the convergence of multiple technologies across the world used for a Continuous Innovation process. The following are the modern technologies in the process of further development. Quantum computing: Quantum computing is a trend that uses less power than traditional computing to process and analyze data. Unlike traditional computers, quantum computers use…
“Funds transfer” in banking means transactions related to the movement of funds from one account of a customer to another beneficiary’s account either in same bank or in another bank. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. Generally, funds…
Edited and reposted on October 21, 2024 National Automated Clearing House (NACH) is a form of Electronic Clearing Service (ECS) that is available with core-banking-enabled bank branches in India. NACH has primarily two variants viz. ECS Credit and ECS Debit. The facility is used by the bank customers for automatic debit to their account every…